HireQuip owners in receivership

HireQuip's hire revenue is forecast to hit $55.5 million. Photo / NZPA
HireQuip's hire revenue is forecast to hit $55.5 million. Photo / NZPA

The owners of equipment rental company HireQuip have been placed in receivership and the operating business is being prepared for sale, according to KordaMentha.

The receivership comes less than a month after HireQuip director Rob Nichols was quoted saying the company could seek a listing on the NZX as earnings recovered.

HireQuip's parent shareholding companies Pacific Equipment Solutions, PES Finance and Hire Equipment Group are the entities placed in receivership, KordaMentha's Brendon Gibson said. They are ultimately owned by Tasman Capital Partners (NZ), which lists Nichols among three Australian owners.

Gibson said the HireQuip operating businesses would continue as usual as they are readied for sale.

"The financiers are committed to the business and will continue to provide support to achieve a successful sale process," Gibson said. "We do not anticipate any need for us to become involved in the businesses themselves."

As recently as last month, HireQuip was reported to be considering a bond issue to institutions to raise between $20 million and $60 million.

The company has changed hands several times in the past six years, having sold to PES Finance Ltd for $165 million in 2006.

- BusinessDesk

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