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Administrator slashes jobs at Thornycroft

PLANT - 88 staff made redundant across business's subsidiaries

THE ADMINISTRATOR of the plant business Thornycroft (1862) has wielded the axe at its subsidiaries, with 88 people made redundant in the last week and more set to follow.

The biggest casualties were at Colchester hirer Cadman Contracts, which is being wound up after no buyer was found, and Birmingham concrete equipment maker Antar Equipment, which is trading in administration.

Saville Tractors, the Case dealer, is also in the process of having its depots closed but information was still being finalised as Construction News went to press.

The Cadman business has so far seen 40 redundancies, with the remaining staff set to follow when Cadman's site is closed.

A spokesman for administrator BDO said: 'Despite attempts to sell it as a going concern, with a view to preserving jobs and the goodwill of the company, the administrators have been unable to do so.'

Crane hirer Cadman Cranes, which shares a yard with the plant hirer, is unaffected by the administration.

Antar Equipment, which makes concrete batching equipment and lifting magnets for recycling plant in Aston, Birmingham, has so far seen the loss of 37 staff. The firm, which used to be called Boxmag-Rapid, filed small company accounts for 2004, so did not disclose turnover, but net current assets were £437,000.

The joint administrators of Saville Tractors, Shay Bannon and Kim Rayment, said: 'Due to the financial position of the company, we have taken steps to close the five depots operated around the country.'

The dealer has about 75 staff. In addition, the partners have made 11 of the 20 staff redundant at the parent company Thornycroft (1862) redundant as part of what they called a 'firm-wide financial review'.

At the same time, a new owner is currently being sought for Saville's Tana UK waste compactor distributorship.

A number of manufacturers and finance arms are reported to be creditors for the Cadman, Saville and Thornycroft businesses, including JCB Finance, Terex, Kubota and New Hol-land Construction.

JCB said that its finance arm was in negotiations to retrieve its equipment from the administrator. Other creditors are believed to be embroiled in a dispute over the ownership of their machines.