M&M to cease trading
UK crane rental company M&M Mobile Crane Hire is winding up its operations and ceased trading.
Employees were apparently informed this morning that an administrator was to be appointed and most of them, let go. In a call made to the company this morning we were told that the senior managers, mostly members of the Tierney family which owns the business, would be in meetings all day, which is understandable.
Established in 1988, the family run business is based in Slough, south east England and has depots in Kent, Aylesbury and Welwyn Garden City. The company runs a fleet of All Terrain, City type, truck mounted and loader cranes. The last accounts filed with Companies House for the 12 months to the end of March 2021, show a tangible net worth of £2.4 million (£9.05 million gross assets less £6.76 million liabilities), with a net working capacity of £576,000. We will update this item as soon as we hear from M&M or the administrators.
Euro Auctions has been appointed to ell off most of the assets at auction on September 14th
See: M&M assets to be sold at auction
M&M is just one of several crane rental companies that are struggling with rising costs, especial fuel which has been subject to a ‘double whammy’ with the removal of the red diesel tax rebate earlier this year, and the rapid underlying price rises since then. Added to this, a dire shortage of crane operators, exacerbated by the UK HGV driver shortage which has lured some operators to supermarket delivery jobs, forcing crane rental companies to increase pay substantially in order to retain staff. And as if that was not enough the cost of electricity and heating energy is also beginning to bite. All this in a market that struggles to raise rental rates.
With crane rental companies closing their doors contractors need to face the facts and not only pay just rates, but also pay their debts on time.
Either that of they will need to go back to the 1940s and 1950s and get back into the crane ownership game again which will cost considerably more.