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Management takeover saves 75 Independent Access jobs
16:25 10 Nov 2004
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A management buy-in (MBI) has been credited with saving 75 jobs at
access equipment hirer Independent Access Supplies, which was in
administration with debts of £11m.
A new management team, including former JLG directors Andrew Fishburn and Stuart Honeywood, has taken over the business and assets of the company, which has historically operated with a fleet of 1,900 machines and a turnover of £12m.
The new board is launching Independent Access with a reduced fleet of 1,350 machines and a first-year budgeted turnover of £8.5m. The firm's £11.6m debt will be managed down over an agreed six-year period.
According to Fishburn, the company has always had potential and the aim is to re-establish Independent Access as one of the UK's leading hirers. "We expect to make savings by maximising every machine in our fleet and by becoming the best hirer for price and health and safety," he said.
The company, which has seven national depots, is expected to increase its fleet holding within three years.
A new management team, including former JLG directors Andrew Fishburn and Stuart Honeywood, has taken over the business and assets of the company, which has historically operated with a fleet of 1,900 machines and a turnover of £12m.
The new board is launching Independent Access with a reduced fleet of 1,350 machines and a first-year budgeted turnover of £8.5m. The firm's £11.6m debt will be managed down over an agreed six-year period.
According to Fishburn, the company has always had potential and the aim is to re-establish Independent Access as one of the UK's leading hirers. "We expect to make savings by maximising every machine in our fleet and by becoming the best hirer for price and health and safety," he said.
The company, which has seven national depots, is expected to increase its fleet holding within three years.
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