Baldwins Industrial Services in administrative receivership

PROBLEMS with its US operations have forced Baldwins, the UK's biggest heavy lifting company, into administrative receivership.

Michael Gercke and Robert Birchall, partners of PricewaterhouseCoopers, were appointed joint administrative receivers of Baldwins Industrial Services plc on 28 October.

Administrative receivership, similar to the USA's Chapter 11 proceedings, means that the business was not able to continue under its existing financial structure.

Baldwins, which was founded in 1977, is one of the UK's leading crane hire specialists employing approximately 700 people. The company is based in Slough, Berkshire and operates out of a nationwide depot network. Turnover is in excess of £50 million per annum.

It offers lifting services to a variety of industry sectors, with a fleet consisting of approximately 250 mobile cranes across the full range of lifting capacities. It also has a fleet of more than 100 tower cranes run by its Delta subsidiary. It also supplies lifting equipment through its Loadtite business in Bristol.

The administrative receivers are continuing to trade the business with a view to achieving a sale of the business and assets as a going concern.

Michael Gercke, one of the joint administrative receivers, said: "Baldwins problems stem from an unsuccessful expansion into the USA. Receivership provides the opportunity for a sale of the UK business with its modern crane fleet and nationwide depot coverage." Phillips Crane & Rigging, the Texas-based company that Baldwins bought three years ago, filed for Chapter 11 bankruptcy on the 26th of August and was put up for sale.