ADMINSTRATORS of failed plant hire firm Cox Plant have sold the business to its former directors.
Ernst & Young completed the sale of the firm, which trades as Cox Hire Centres, to previous directors Keith Price and David Symon last week.
It is the second time the pair have acquired the company, based in Bilston, near Wolverhampton, after acquiring it from Andrews Sykes in a £9.3 million deal in 2002.
The company embarked on a programme of expansion through acquisitions in a bid to push Cox into the top 10 of UK hire firms.
But one rival described its failure as a 'classic case of over-expansion' Last week's sale includes all eight of Cox's trading depots, located across Scotland and south-east England.The business will continue to trade as Cox Hire Centres.
In the year ending March 2003, the company made a pre-tax profit of £412,697 on a £15.6 million turnover.This has since fallen to £8 million.