Container sale no Tiphook guarantee
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by Nicky Clarke • Shareholders of troubled leasing company Tiphook were told this week that even if they agree to the sale of the container arm next month the directors could not guarantee the remaining group—which includes trailer rental giant CTR—would not collapse.
The expected sale of Tiphook's container leasing arm to US competitor Transamerica will raise even less cash for parent Tiphook.
When Tiphook first put its container leasing division up for sale in November last year, it was priced at £830m. This figure fell £73m to £757m in January. Transamerica is now willing to pay £734m.
Earlier this week, after posting a group net loss of .£179.7in for the six months ending 31 October 1993, Robert Montague stepped down as chairman.
CTR and Tiphook-'s rail rental division made a pre-tax loss of £183.7m on a £67.6m turnover. The group says CTR "has experienced more buoyant demand in recent months in the UK".
Average daily rental rates during the six months ending 31 Oct 1993 were £15.55 compared to £15.67 for the same period the year before and useage rates rose to 73.4% from 56,8%. Average operating fleet size decreased to 24,530 in the six months ending 31 October from 34,369 the previous year: 9,650 trailers were sold in April last year. The number of trailers on rent has fallen 7.7% to 18,043 from 19,533.