14.07.2006

Universal appoints administrators

Universal Aerial Platforms Ltd, the London based powered access rental company has entered administration. Kpmg was appointed yesterday as the company filled for protection against its creditors.

Universal is seventh in the Cranes&Access UK/Ireland 2005 Top 20 access rental companies, with 1,045 lifts in its UK fleet.

John Ambrose, the founder and his family trusts own almost 60 percent of the business while 3i the venture capital group owns 25 percent of the outstanding shares. The balance is split between Stephen Mann and Tony Dillon.

Universal, which had a difficult year in 2003 had seen improved results in recent years, the last accounts on file show revenues of £10.6 million with a pre tax profit of £757,000.

No information was available today on whether the company’s Spanish business is affected by this administration.

It is understood though that short term cash flow challenges, forced the management to place the company into administration in order to gain protection from creditors.

A full statement from the company is expected on Monday.