The owner of Quinto Crane & Plant is jacking it in, citing the recent loss of the red diesel rebate as the last straw.
Quinto is based in Norwich with sites across East Anglia and traces its origins back to 1966, making it one of the oldest crane and plant hire businesses in the UK.
It began as Pointer Cranes and was acquired by RMC Group in 1970. Ivor Kiddle led a management buyout in 1977 and renamed it Quinto. He then sold the business in October 2014, just a few months before his death, to Oliver Arnold, who also has a local agricultural contracting business.
In the year to 30th September 2021, Quinto Crane & Plant made a pre-tax loss of 拢568,000 on turnover of 拢8m. The previous year it made a loss of 拢320,000. Total assets at year-end were just over 拢11.1m, with a tangible net worth of 拢3.6m.
Accountancy firm Price Bailey has been appointed to assist with the administration and is seeking a buyer for the business in its entirety, or for individual assets.
Matt Howard, head of insolvency & recovery at Price Bailey, said: 鈥淭he director has taken the difficult decision for Quinto Crane & Plant Ltd to cease trading with immediate effect. We have been instructed to assist with the administration, which will include seeking a buyer for the whole business or the individual assets.
鈥淟ike many businesses in the construction industry Quinto has suffered from adverse economic headwinds. Brexit, the lockdowns, and the recent spike in diesel prices have all come together to erode what were already tight margins. The market is extremely challenging for crane and plant hire businesses, but Quinto has a long-standing reputation and presence, which makes us hopeful of finding a buyer.鈥�
Enquiries should be directed to quinto@pricebailey.co.uk
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