Scottish crane rental company Whyte Crane Hire has appointed an administrator.
While talk has been circulating regarding the financial status of the business over the past week or so, we can now confirm that Blair Nimmo and Alastair McAlinden of KPMG have been appointed as joint administrators of the company, which operated from locations in Aberdeen and Grangemouth. It reported revenues of £10.7 million for the year ending June 2018, with a pre-tax profit of £308,000 and assets of more than £38 million with liabilities of £34.1 million. It was registered in 2001 and was wholly owned by Whyte Cranes Holding.
The administration does not affect sister company Whyte Crane Services which is also operated by the Whyte family, having been incorporated last July with some of the same directors.
11 employees of Whyte Crane Hire have been laid off. A statement indicates that directors and the family injected personal funds into the business in order to keep it running, before finally deciding that it was insolvent.
Blair Nimmo head of restructuring at KPMG UK said: “Despite the extensive efforts of the Whyte family, Whyte Crane Hire Limited was unable to continue trading in light of significant liabilities and cashflow difficulties, having been affected by the challenging market conditions in the Scottish construction and oil and gas sectors.”
"This has led to the redundancies which have been announced. We will be working closely with Skills Development Scotland via their PACE team to support all affected employees during this difficult time.”
This morning we formally asked the company owners for a comment but have so far not received a response. We will of course update if and when we received more information.