Jason Baker and Geoff Rowley, partners at specialist insolvency firm FRP Advisory, are trading the business as a going concern as they seek a buyer.

Established in 1976, Hiremee operates out of depots in Royston, Bishops Stortford and Ware in Hertfordshire.

The firm mostly hires JCB and Volvo equipment to contractors in Hertfordshire, Cambridgeshire and Essex and receives a high level of repeat custom.

Hiremee will continue to trade, while its business, goodwill and assets are for sale, although six of the 20 staff have been axed.

Baker said: “A downturn in the construction industry has led to fewer businesses needing to hire equipment from Hiremee – so, despite an excellent reputation amongst its customer base, this has led to cash flow difficulties.

“The decline in liquidity also made it harder for Hiremee to pay back the large amount of debt it had taken on to fund growth.”

Baker added: “Having investigated all options with Hiremee’s director, it was concluded that entering administration would be the best route to safeguarding the value of the business.

“We are now trading Hiremee as a going concern, with a view to identifying potential buyers for its business and assets and securing a sale as quickly as possible.”

Interested firms can contact Miles Needham 07940 755 740.