U.K. rental company PSL Tool Hire was bought out of administration, similar to Chapter 11 bankruptcy, in the U.K. The company was acquired by Danielle Hitchen, daughter of Martin Ainscough, founder of Ainscough Crane Hire, along with her husband Stephen.
Terms of the transaction were not disclosed. Two of the nine branches of PSL — in Rochdale and Leyland — were closed, while locations in Manchester, Bolton, Blackburn, Preston, Wigan, Liverpool and Blackpool remain open.
PSL’s sales had dropped 25 percent as a result of the construction downturn, administrators said. PSL nearly doubled in size in May when it acquired Blackpool-based M&R Hire Centres.
PSL’s former owner said the growth of national players such as Speedy Hire made it harder for PSL to compete.