14.07.2015

Force appoints receiver

Australian access rental company Force Corp has been placed in the hands of a receiver by its major lender the Challenger Group

Chris Hill and Brett Lord of PPB Advisory have taken over as receivers of the company, which will continue to trade while the two assess the situation and look for buyers.

In a statement Hill said: "We are conducting a review of the business and preparing the company for sale as a going concern. We are assessing all options for the business. Expressions of interest are now being sought for the business and assets.

Force was established in Brisbane in 1994 under the name Australian Skyreach Equipment, rebranding as Force in 2007. It operates a fleet of around 3,800 machines, including booms, scissor lifts, truck mounts and telehsandlers from 13 locations around Australia. The company has been struggling for some time and negotiated a large debt refinancing backed by Challenger last year.

In recent months its owner Helmsman Capital, was rumoured to have been holding discussions with a number of private equity firms, including Maxim Crane Works owner Platinum Equity.