Crane hire firm Hewden is reportedly on the verge of administration after failing to find new financial backers, putting hundreds of jobs at risk.

Last month, the company said the UK's decision to leave the EU had "adversely affected" a number of large construction and capital investment projects.

According to Sky News, the firms owner Sun Capital Partners is expected to appoint Ernst & Young (EY) as administrators.


In its statement last month, Hewden said: "Hewden has been impacted by market uncertainty following the vote to leave the EU. The vote has adversely affected a number of large construction and capital investment projects.

"The company is in constructive dialogue with stakeholders to resolve the situation in a consensual manner and is optimistic that a positive solution will be found.

"The company is working with its advisers Deloitte to reach agreement with lenders on an extension of its debt facilities, whilst also testing market appetite for a sale of the business."

(LM/CD)