Updated: 27th May 2020
Date Published: 27th May 2020
On 15th April 2020, Julian Pitts and Andrew Mackenzie of Begbies Traynor were appointed as joint administrators of Lincs Lifts Ltd in Scunthorpe. Vertikal UK Limited has now acquired the business and assets, saving all 12 jobs at the firm.
Lincs Lifts is a national powered access and telehandler hire provider, offering a wide variety of lifting equipment including cherry pickers, scissors lifts, boom lifts, telehandlers, towable lifts and other powered access platforms across the UK and Ireland. The company also provides a range of professional training courses such as IPAF training to ensure the safe operation of the access platforms.
Lincs Lifts had invested in a large fleet of equipment that incurred significant overheads and it then suffered from a downturn in the construction industry which resulted in a fall in the hiring of equipment. This was exacerbated by the lockdown and the company was then mothballed and the employees were subsequently furloughed.
The joint administrators carried out an accelerated marketing process prior to their appointment and continued to market the business for sale following their appointment. Several expressions of interest were received, mainly for the purchase of the assets of the company.
The joint administrators were able to complete a sale of the business, including goodwill and intellectual property, on 20th May with all 12 employees transferring to the purchaser.
The sale was completed with the help of a team of professionals including agents Eddisons Commercial Limited, and solicitors MRC Legal in Leeds.
Joint administrator Julian Pitts said: “It’s very good news for the employees, suppliers and customers that we have been able to find a buyer who will continue to trade it as a business. We wish it every success for the future.”
Following graduation from the University of Hull, Julian qualified as a Chartered Accountant with Coopers & Lybrand in Leeds. In 1989 he was the joint founder of Wilson Pitts, a specialist independent practice dealing with all aspects of insolvency and corporate recovery work. Subsequently in 2006, the Wilson Pitts practice was acquired by Begbies Traynor where Julian is now the Regional Managing Partner for the North-East region.
Julian has significant experience in advising SMEs and their stakeholders, seeking innovative solutions to financial challenges.
With family roots in Devon, Julian has been a life-long supporter of Plymouth Argyle and he also spends time rallying a Mk1 Lotus Cortina as well as trying to reduce his golf handicap.