Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Elevated work platform and height access business for sale

Media Release


Elevated work platform and height access business for sale raises interest from buyers

Mobile platform and height access equipment rental company HB Platform Hire in Hawke’s Bay has been placed on the market for sale.

A machinery equipment hire firm specialising in mobile platform and height access equipment rentals in Hawke’s Bay has been placed on the market for sale.

Locally-owned HB Platform Hire was established in 2004 and has a record of making healthy revenue surpluses – with net profit growing by 39.8 percent over the past two full financial years.

HB Platform Hire’s catalogue of height access equipment includes rough terrain four-wheel drive scissor lifts ranging in reach from eight to 12 metres, battery-powered scissor lifts ranging in reach from six to 12 metres, and self-propelled Z-booms capable of reaching heights of between 12 – 18-metres. The company’s range of machinery includes both diesel and battery-powered platform hoists.

The business operates from two Hastings premises – a 2,259 square metre yard at 304 Jervois Street with 330 square metres of equipment storage warehousing and adjacent administration offices , and a 1,089 square metre site at 207 Hastings Street North with 170 square metres of equipment storage warehousing and adjacent workshop.

The business employs four full time staff – consisting of an office manager, a qualified service technician, and two operational personnel responsible for the delivery and collection of equipment, and day-to-day machinery maintenance. Three of those staff have been with the company since it began trading.

Now with its owner looking to retire, the HB Platform Hire business has been placed on the market for sale by expressions of interest through Bayleys Napier, with offers closing at 2pm on February 22.

Bayleys Napier salesperson Rodger Howie said some $1.9 million of modern plant and equipment was included with the HB Platform Hire business offering, as well as a substantial database of commercial clients throughout greater Hawke’s Bay, a full complement of administrative and operations staff, and all back-office IT collateral and systems.

“The HB Platform Hire business has a diverse customer base in the commercial construction sector – ranging from electricians, engineers, construction and maintenance industries, through to cool store, warehousing and manufacturing, decorators, and fruit growers,” Mr Howie said.

“Changes to the construction and building workplace environment over the past decade have benefitted the business greatly. While large construction firms would previously have purchased mobile elevated work platform machinery in years gone by, the costs of meeting increasing compliance and health and safety regulations around usage and maintenance of equipment mean that many companies are now opting to hire out their work platform machinery instead.

“As a specialist in mobile platform and height access equipment hireage, HB Platform Hire has also benefitted from Hawke’s Bay’s healthy commercial and industrial property building boom over the past five to six years.”

As a safety-focused business, operators of HB Platform Hire equipment must have current elevated work platform (EWP) certification. Mr Howie said that in recent years HB Platform Hire had invested heavily in updating plant and machinery to keep up with growing demand.

“In addition to selling the machinery hireage business, the vendors will also consider any subsequent offers to purchase the two freehold properties from which HB Platform Hire operates. However, they will only consider offers to purchase the land and buildings in conjunction with the business,” he said.

Mr Howie said that to grow revenues to a new level, any new owner of the HB Platform Hire business could look at expanding the equipment hire range to include the likes of scaffolding, power generation, earth-moving and digging machinery, or trailer hire for example.

“The opportunity exists to build on HB Platform Hire’s exemplary reputation throughout Hawke’s Bay as a supplier of quality industrial equipment backed by knowledgeable technical staff,” he said.

“Alternatively, any new owner could look at adding on a ‘man-power’ labour hire aspect to the business – where clients could not only hire the right machinery for their height access requirements, but could also utilise the knowledge of HB Platform Hire’s experienced operators to deliver a truly ‘one stop shop’ solution.”

Trading accounts show HB Platform Hire’s sales have increased by 50 percent over the past three full years of trading – clocking in at $1.2 million on the year to March 31, 2018.

“The company trades as ‘lean’ – there are no flashy showrooms or company vehicles, so overheads are kept at minimum. Consequently, this allows the company to charge out its equipment and machine hire at extremely competitive rates,” Mr Howie said.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Industry Report: Growing Interactive Sector Wants Screen Grants

Introducing a coordinated plan that invests in emerging talent and allows interactive media to access existing screen industry programmes would create hundreds of hi-tech and creative industry jobs. More>>


Ground Rules: Government Moves To Protect Best Growing Land

“Continuing to grow food in the volumes and quality we have come to expect depends on the availability of land and the quality of the soil. Once productive land is built on, we can’t use it for food production, which is why we need to act now.” More>>


Royal Society: Calls For Overhaul Of Gene-Technology Regulations

An expert panel considering the implications of new technologies that allow much more controlled and precise ‘editing’ of genes, has concluded it’s time for an overhaul of the regulations and that there’s an urgent need for wide discussion and debate about gene editing... More>>


Retail: Card Spending Dips In July

Seasonally-adjusted electronic card spending dipped in July by 0.1 percent after being flat in June, according to Stats NZ. Economists had expected a 0.5 percent lift, according to the median in a Bloomberg poll. More>>


Product Stewardship: Govt Takes More Action To Reduce Waste

The Government is proposing a new way to deal with environmentally harmful products before they become waste, including plastic packing and bottles, as part of a wider plan to reduce the amount of rubbish ending up in landfills. More>>


Earnings Update: Fonterra Sees Up To $675m Loss On Writedowns

“While the Co-op’s FY19 underlying earnings range is within the current guidance of 10-15 cents per share, when you take into consideration these likely write-downs, we expect to make a reported loss of $590-675 million this year, which is a 37 to 42 cent loss per share." More>>