A Norwich-based crane hire business has gone into administration, leading to 50 jobs being lost.

Quinto Crane and Plant Hire, based on Anson Road near Norwich Airport, reported revenues of more than £8m, with a pre-tax loss of £568,000 in the year to the end of September 2020. Total assets were just more than £11.1m, with a tangible net worth of £3.6m.

The firm, which has sites across East Anglia, was founded in 1966, making it one of the oldest crane and plant rental businesses in the UK.

Price Bailey, an accountancy firm based in Norwich, has been brought in to handle the administration.

The company is seeking a buyer for the business in its entirety, or buyers for individual assets.

Matt Howard, head of Insolvency and Recovery at Price Bailey, said: “The director has taken the difficult decision for Quinto Crane and Plant Ltd to cease trading with immediate effect. We have been instructed to assist with the administration, which will include seeking a buyer for the whole business or the individual assets.

“Like many businesses in the construction industry Quinto has suffered from adverse economic headwinds. Brexit, the lockdowns, and the recent spike in diesel prices have all come together to erode what were already tight margins.

"The market is extremely challenging for crane and plant hire businesses, but Quinto has a long-standing reputation and presence, which makes us hopeful of finding a buyer.”

The collapse of Quinto Crane and Plant Hire into administration comes at the same time as new research shows that during the first three months of this year there was a 19pc rise in businesses in critical financial distress compared to the start of 2021.

The findings published by insolvency firm Begbies Traynor also revealed that firms in the construction and hospitality sectors were struggling the most.