UK-based crane rental group MSD has restructured its business with MSD Cranes & Equipment going into liquidation. The creditors meeting for that company is currently planned for January 17th.
Since July of this year the holding company for the group has been MSD Industrial following a capital injection by the Leoni Sceti Group. MSD Cranes & Equipment Ltd is one of two operating subsidiaries, along with MSD (Darlington) Ltd, the group operates from two locations, one in Darlington, County Durham and one in Gateshead, Tyne & Wear. The company runs a fleet of around 30 cranes with capacities of up to 500 tonnes.
Gary Stephens, managing director of MSD issued a statement following our request for information, which said: “MSD has restructured the business to ensure it is well positioned and appropriately resourced to successfully navigate the challenging market conditions ahead. We believe this restructuring will allow us to build our business positively and profitably, from a lower cost base, ensuring that we are well placed to maximise opportunities for growth. We will continue to offer the same high-quality service to existing and future customers that we have been doing for the past 35 years.”
No further details have been disclosed at this point, so it is not clear if the cost reductions reffered to will involve any lay-offs or a reduction in the fleet. Click here to see New investor in MSD