Network Rail in Hydrex take-over
A PORTISHEAD business has been bought by Network Rail after it went into administration.
Hydrex Equipment (UK), which has its head office in Serbert Way and a depot in Harbour Road, called in administrators KPMG on November 17.
The company, employing 660 staff across the country, specialised in renting out heavy plant and lifting equipment, much of it to the rail industry.
Hydrex’s rail division was immediately bought by Network Rail securing more than 500 jobs.
The company’s remaining contracting and plant divisions are being wound down with 117 staff being made redundant.
Over-supply in the market and increased pressure on both prices and costs over the past few years have been blamed for a fall in Hydrex’s turnover and profitability, which eventually led to the business becoming financially unviable as a stand-alone business.
There were 70 Hydrex employees in Portishead.
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A KPMG spokesperson said: “None of the employees from Hydrex’s headquarters in Portishead have been made redundant, they have all transferred over to Network Rail (NDS-Plant) Limited.
“There have been a number of redundancies at the Bristol depot situated in Portishead but we are unable to confirm the exact number at this point.”