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Transrent re-opens five of its depots
Page 8
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TRAILER RENTAL company Transrent, currently in administration, has agreed to re-open five of its depots so finance companies can get at their trailers and put them to use.
Transrent went into administration earlier this month owing some £65m to 30 finance companies and two private equity firms.
Administrator Nick Edwards from Deloitte says: "Transrent has been trying to re-structure for the past 12 months. A growth business such as this one needs cash to keep going and unfortunately this one was not generating enough. It was therefore not able to secure an acceptable refinancing deal."
Deloitte must report back to creditors within the next couple of months, but it is still too early in the administration to say what is going to happen.
The Transrent group comprises Transrent Holdings, Transrent Trailer Rental and United Transport Finance,