28.10.2002

Baldwins calls it a day

Administrators from Pricewaterhouse Coopers have been appointed at Baldwins Industrial Services, one of the UK’s largest crane rental businesses. The announcement follows months of speculation about the parent company following the decision that its US subsidiary should file for Chaper 11 protection. Today, at 3.31pm, trading in the company’s shares was suspended at its own request and later in the afternoon came the news that administrative receivers had been appointed.

Baldwins said that Michael Gercke and Robert Birchall of Pricewaterhouse Coopers have been appointed joint administrative receivers of the company. They have announced that they plan to continue trading the business in the hope of selling it and its assets as a going concern.

Michael Gercke, one of the joint administrative receivers, said: “Baldwins’ problems stem from an unsuccessful expansion into the US. Receivership provides the opportunity for a sale of the UK business with its modern crane fleet and nationwide depot coverage.”

Baldwins employs about 700 people and has recently had an annual turnover of more than £50 million.

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