HireQuip parent company in receivership

WILLIAM MACE
Last updated 10:05 12/07/2012

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The parent company of equipment rental business HireQuip has been placed into receivership by its financiers.

HireQuip's operations will not be affected while the company is prepared for sale as a going concern, according to a statement from receiver Brendon Gibson of KordaMentha.

However, a receivership report confirming the move was not visible on the Companies Office register.

HireQuip is owned by private equity company Tasman Capital Partners alongside members of its management, and claims to service 21 per cent of the New Zealand equipment rental market.

It operates 37 branches and employs over 320 staff nationwide.

HireQuip director and chief executive Brian Stephen said he could "assure staff, customers, landlords and creditors that the receivership would have no effect on the HireQuip business".

"It is business as usual, with myself and the balance of the senior management team remaining at the helm with the continued agenda of ensuring we deliver 'best in class' service and fleet to our customers," Stephen said.

Gibson said the HireQuip's financiers would continue to support it until a sale was made.

"We do not anticipate any need for us to become involved in the businesses themselves," he said.

Only last month HireQuip issued a statement saying the company had "more than doubled its trading profit (EBITDA) since the bottom of the Global Financial Crisis" and was growing at an annual compound growth rate of 39 per cent.

Tasman Capital Partners managing director and HireQuip director Rob Nichols said that in March this year HireQuip's trading profit exceeded $20 million for the first time in three years.

Gibson said the parent shareholding companies in receivership are Pacific Equipment Solutions Ltd, PES Finance Ltd and Hire Equipment Group Ltd.

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- BusinessDay.co.nz

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