Go Plant Limited and Go Plant Fleet Services, headquartered in Bardon Hill, Leicestershire, issued a notice of intention to appoint administrators via law firm Squire Patton Boggs on Thursday, May 2. 

Subsequently, on Friday afternoon, Mike Denny and Jonny Marston of Alvarez & Marsal Europe were appointed as joint administrators of the companies. Go Plant has been one of the UK’s leading suppliers of specialist vehicle hire to local authorities and the private sector. 

Following their appointment, Denny and Marston facilitated the sale of several depots owned by Go Plant Limited to Sweeptech Environmental Services, based in Berkshire. This strategic move secured the future of these sites and preserved employment at the firm. Regrettably, no buyer emerged for the remaining Go Plant Limited depots, resulting in their closure and an undisclosed number of redundancies.

In a significant development during this week, they have undergone a pre-pack deal, safeguarding 116 jobs. As per Go Plant’s latest financial records until June 2022, the company employed over 400 individuals and generated a turnover of nearly £45 million, experiencing an operating loss exceeding £3.2 million during that period.

On the other hand, Sweeptech’s financial performance for the year ending March 31 showed a turnover of £11.1 million, marking a 14% increase from 2022, alongside a modest profit of £70,541.

Mike Denny, managing director at Alvarez and Marsal, attributed the companies’ challenges to demanding market conditions. Cost pressures and a sluggish UK house building market in  post pandemic world were particularly highlighted. He expressed satisfaction in completing the sale of certain depots, emphasising the preservation of significant employment. Denny pledged close support for those affected by redundancies following the administrators’ appointment.

These developments highlight the resilience and adaptability necessary in navigating today’s business landscape, where strategic partnerships and decisive actions are essential for sustaining operations and safeguarding jobs.