Bidders are circling equipment hire and sales company Gearbox after it was placed in administration.

Tony Hyams and Mike Grieshaber from Marriotts LLP were appointed as joint administrators on 6 March. They will run the insolvent company and deal with creditors, suppliers and customers, allowing it to trade while a new owner is sought.

The whole of the Gearbox business and its assets - including the Soho, Cardiff and Leeds offices - is up for sale and Grieshaber said that several enquiries had already been made.

“Now that we have officially been appointed, we will be dealing with those enquires,” he said. “We are also keen to hear from other interested parties. We are very hopeful of finding a buyer.”

Grieshaber declined to comment on the extent of the company's financial difficulties or what prompted it to enter administration.

Broadcast understands that the hire department had been trading profitably but the company was hampered by a fall in equipment sales.

GearBox (Sound and Vision) Limited, a privately owned company headquartered in West London, employs 20 people.

It began trading in January 1997 and currently rents, sells and supports audio and video products to the broadcast, film, post-production and music recording industries.

Husband and wife Richard and Louise Eastwood are the sole owners of the company.