BUSINESSDESK: The owners of equipment rental company HireQuip have been placed in receivership and the operating business is being prepared for sale, KordaMentha says.
The receivership comes less than a month after HireQuip director Rob Nichols was quoted saying the company could seek a listing on the NZX as earnings recovered.
HireQuip’s parent shareholding companies Pacific Equipment Solutions, PES Finance and Hire Equipment Group are the entities placed in receivership, KordaMentha’s Brendon Gibson said.
They are ultimately owned by Tasman Capital Partners (NZ), which lists Nichols among three Australian owners.
Mr Gibson said the HireQuip operating businesses would continue as usual as they are readied for sale.
“The financiers are committed to the business and will continue to provide support to achieve a successful sale process. We do not anticipate any need for us to become involved in the businesses themselves.”
As recently as last month, HireQuip was reported to be considering a bond issue to institutions to raise between $20 million and $60 million.
The company has changed hands several times in the past six years, having sold to PES Finance Ltd for $165 million in 2006.
This article is tagged with the following keywords. Find out more about MyNBR Tags
Most listened to
- Damien Grant on a disturbing trend in the insolvency game
- Westland Milk chairman Matt O’Regan says the co-op's performance in the 2015/16 season was "less than desirable"
- Airwork’s Hugh Jones on his reasons for selling
- John Key warns "Hobson Pledge" group similar to Trump
- Massey University's David Tripe talking about ANZ's exposure to Pumpkin Patch