M&M crane hire goes into administration
This post has already been read 399 times!
The specialist crane hire M&M has called in the administrators after it could not cope with the rising costs of business with the government being blamed for the change from using red to white diesel a major factor.
The firm will lose around 50 jobs the mobile crane hire business is based in Slough with depots in Kent, Aylesbury and Welwyn Garden City and was established in 1988 by the Tierney family.
A spokesperson said: “We were all told of the decision at the end of last week. All staff are to be fully paid and creditors paid off in full.
“The family just decided they’d had enough. The end of the red diesel rebate has escalated already rising fuel costs.
“Say we were spending £500,000, that has risen to £1.2m. Hire rates are low even though cost inflation is hitting all parts of construction.”
He added: ” The only good news is that the present skills shortage means the drivers won’t have a problem finding a job.”
Latest accounts for the 12 months to the end of March 2021, show M&M Mobile Crane Hire to have £2.3m of net assets.
The firm has a round 17 large pieces of plant which will be sold on at Euro Auctions on 14 September in Leeds.
Many hire firms have been crippled by rising fuel costs labour costs as nationaltradesmen.co.uk is being contacted more about firms struggling to make profits and stay afloat if you have story for us please contact us.
