November 23 - UK based Hewden Crane Hire has collapsed into administration, with A-Plant acquiring three of the company's divisions.
"Management has been attempting to operationally reshape the business to focus on higher margin and quicker returning assets and services. However, this has proven challenging with the group's capital structure and the recent trading environment," said Woodward.
"Management recently undertook a number of initiatives including approaching new funders and potential acquirers to recapitalise the business, but unfortunately these efforts proved unsuccessful."
Ashtead Plant Hire Company (A-Plant) has acquired Hewden's access and power generation assets, its on-site plant business and the business and assets of subsidiary company Interlift.
Woodward continued: "We are assessing the optimum strategy for maximising value in the remainder of the roup. In the meantime, we will continue to work with stakeholders to maintain service levels to customers who have assets on hire."
A total of 251 employees were made redundant when the company went into administration. A-Plant has said that it will take on 133 of Hewden's former employees.