26.06.2004

Independent Access units to be sold by tender

The first sale of machines from Independent Access Supplies (IAS), the troubled company currently in administration, will be conducted by tender with a closing date of July 12.

KMPG, the administrators running IAS, has issued a statement confirming that it is still hopeful of achieving a successful restructuring of the IAS business. Discussions with one or more parties have been going on for several weeks now. In spite of this KPMG has been reluctant to shed any light on any negotiations or developments.

However, 65 units, mostly JLG and Genie electric scissors and booms from mid, to late, 2002, have now been returned to one of the finance houses and will be available for viewing on 6 July. Seven units will be displayed in Halewood, Liverpool, with a tender due to close on July 12.

Richard Philpott, corporate recovery director with KPMG, said: “It is inevitable that as part of the restructuring there will be a re-alignment of assets within the fleet and we are now in the process of returning certain equipment and maximizing the return to creditors.

“KPMG is still committed to preserving the business and employee positions as far as possible and is hopeful that the re-financing of the business and operations is now moving positively forwards.”

It was expected that KPMG would make an announcement about two weeks ago, but negotiations are clearly taking longer than was first thought.

* About IAS
Norwich-based IAS is the second largest independent supplier of aerial work platforms in the UK with a total of eight depots situated throughout the UK, including Manchester, Birmingham, Bristol, Gatwick, Glasgow, Leeds and Northampton. The company currently employs around 100 employees and has revenues of £14 million.