Business News
Tool hire firm is bought from administrators
A NORTH-East tool hire firm has
been bought from administration,
but the majority of its
branches will be closed.
DJ Tool Hire traded from seven
sites at Newcastle, Gateshead,
Durham, Stanley, Consett, Sunderland
and South Shields.
Sunderland and South Shields
were closed immediately following
the appointment of Deloitte
as administrators in March.
Following its acquisition of the
business and assets, Hire Station
will trade only from Newcastle,
Gateshead and Durham, although
The Northern Echo understands
that most of the 21
workers at the five sites that remained
open are likely to keep
their jobs or be found new roles
within the company.
Hire Station, a tool hire subsidiary
of Vp Plc, completed the
purchase of the business and
assets of DJ Tool Hire Ltd as an
opportunity to strengthen the
company's tool hire network in
the North East.
Ian Brown and Neil Matthews
of Deloitte Newcastle, confirmed
the sale of the business and assets
was completed on April 24.
The cost of the deal was not
being revealed yesterday.
Neil Matthews, director of Reorganisation
Services at Deloitte's
Newcastle office, said: "It
is pleasing to see DJ Tool Hire
sold as a going concern to Vp Plc.
"There are clearly operational
synergies between the two companies
and the sale should secure
the employment of the majority
of the workforce. The successful
outcome is testament to the hard
work of the workforce and administration
staff during very
difficult circumstances."
Jeremy Pilkington, chairman
of Vp, said: "The acquisition of
the DJ Tool Hire business further
enhances our distribution capability
for tool hire and associated
services in the North-East."
8:48am Thursday 8th May 2008
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