Receiver for Roadships ICFC pulls plug
Page 4
If you've noticed an error in this article please click here to report it so we can fix it.
A RECEIVER has been appointed for the troubled Londonbased haulage company, Roadships Ltd, which has 500 vehicles and nearly 900 employees. Appointment of a receiver seems to follow the reludtance of Industrial and Commercial Finance Corporation to continue its financial assistance for the company whieh lost nearly Elm the year ended July, 1974. ICFC's 47 per cent holding in Roadships is thought to be worth nearly Elm.
R Da ciships—which includes wellknown names like Pollocks of Musselburgh in Scdtland, W. Reeves and Son of Manchester, Inland Clearance at Harwich, Felixstowe and Charlton, J. and H. Transport Services with seven depots and Gomms Transpoet in the West Country—iis now up for sale. The receiver, Mr W. G. Mackey of Whinnie Murray, an accounting company, told CM this week that the company was up for sale either as a whole or in individual parts.
Mr Mackey told CM that he is investigating ithe viability of cer tam n sectors of the company anc would be "taking appropriati action" about sectors whict were not making money. He couk give no undertakings about redun dancies. The company would con. .;:inue trading "for the tinu being."
Roadships incurred a pre-to loss of £984,000 in the year endec July 1974, which reduced tc £536,000 alter tax. Senior staff a' the company 'indicated this week that they had had hopes for tlu future since ICFC's own nomineE as managing direCtor, Mr Pete; Hughes, was appointed about sbi modths ago. Mr Hughes, et. understood, had prepared a busi ness plan for the iconapany': planned return to profitabilit3 over the net few years. This hat been accepted by ICFC so. Itle news last Week that ICFC wa: "pulling the rug from under au: feet," as one senior executive pu: it, came as a considerable shock
Roadships was 'the successor et Ralph Hilton Transport Service: Ltd.