12.08.2004

Independent Access: going… going …….

The Independent Access Supplies ltd (IAS) fleet is rapidly shrinking as manufacturers and finance companies repossess machines on lease to the company, in recent weeks over 200 Genie units have been transferred to the fleet of The Platform Company, while a number or JLG units have been sold via public tender.

KPMG Corporate Recovery continue to work on a restructuring deal which is believed to include a purchase or “buy-in” by a third party. A spokesman for KPMG has said that they are still positive about a rescue deal but could not comment at this stage.

IAS operated the UKs third largest aerial lift fleet prior to going into administration in early April, claiming 1,910 units in last years Cranes&Access "Top 20 rental companies" chart. That place has now been taken by The Platform Company following its acquisition of the Meek fleet at the start of this year and now reinforced by the acquisition of the ex IAS units.

A full review of the top 20 UK/Irish access rental companies will be published in the September issue of Cranes&Access.

Vertikal Comment

KPMG had originally planned to put a proposal to creditors by June the second, but the process has dragged on and on, to the point where rumblings of discontent are increasingly heard from creditors and finance companies who are beginning to loose their patience and withdrawing leased equipment rather than continuing to wait for a possible positive outcome to the administration. The administrator needs to establish a final deadline for any rescue attempts or risk loosing any residual value in a combination of assets and regional goodwill.

While there may be few companies willing to take on the entire IAS business, there are a good number of interested parties for the parts that make up the whole. Interest will inevitably wane the longer the business is in administration and the smaller the fleet becomes.