A lifting equipment company has been sold out of administration, saving 12 jobs.
Lincs Lifts, of Scunthorpe, fell into administration last month after a construction industry doewnturn was followed by the lockdown.
Vertikal UK Limited has now acquired the business and its assets, securing a dozen jobs.
Lincs Lifts offered a range of lifting equipment including cherry pickers, scissors lifts and other powered access platforms across the UK and Ireland.
Administrators Begbies Traynor said: "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."
Julian Pitts and Andrew Mackenzie of Begbies Traynor were appointed as joint administrators of Lincs Lifts last month and out the business on the market. They announced the sale to Vertikal UK today.
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.”
Professionals involved in the deal included agents Eddisons Commercial Limited, and solicitors MRC Legal in Leeds.
