06.08.2005

Nigg Cranes Sold

A major package of cranes belonging to KBR’s Nigg yard has been sold by private tender. The lot included large crawler cranes such as Manitowoc 41 and 4600’s, American Hoist 11250’s and a Lampson Transilift along with Grove and PPM Rough Terrains plus Manitou telehandlers. Nicolas and Crane Fruehauf heavy trailers and other equipment were also included. The value of the bid is reportedly in the region of £5 million.

The identity of the buyer has not officially been announced, but a number of previously reliable sources say that it includes or is “fronted by” David Symon, a former director of Cox plant hire Ltd, (Cox cranes) the company that failed with massive debts earlier this year and was a week later subject to a buy in led by Symon and fellow director Keith Price under the name Cox hire centres Ltd. it turned out that Cox Hire centres was owned by Mark Patrick and Stephanie Keane. The Cox plant hire business has now been sold off piecemeal, while the Crane business has been reatained.
See Vertikal. Net.. Cox plant sold to its managers

Sources in the Aberdeen and Peterhead area say that Symon is supported in his bid by Roger James Taylor, previously of Peterhead Crane Hire, J.D crane group, Taylor crane Company and a number of other businesses. One of his most recent ventures, Dudley developments, failed at the end of last year after Taylor had purchased Donside Mill in Aberdeen, with the intention of developing it.

According to our sources this led to a sequestration order, although we are unable to confirm this or his involvement in the purchase of the Nigg package.

Symon and Taylor have both been associated with a number of businesses that have failed, leaving creditors with losses.

KBR, a division of Halliburton, confirmed that it had accepted a bid for the cranes, but declined to reveal the value of the bid or the identity of the successful bidder. However, the company did confirm that discussions were ongoing regarding the Nigg yard itself. It is conceivable that the successful bidder for the equipment may also be tempted to negotiate for the acquisition of the yard.

Vertikal Comment

The names of David Alistair Symon and Roger James Taylor have cropped up in the crane businesses repeatedly over the past few years, most notably in association with corporate insolvancy. If the information that we have is confirmed as accurate, and all of our research suggests that it is, those creditors that have lost money with their previous ventures are likely to feel aggrieved.