FG Foster administrators investigate firm’s activities
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By Chris Tindall ADMINISTRATORS FOR Walsall freight forwarder FG Foster Haulage say they are investigating the company’s trading activities after “various areas of concern” were identiied.
The company, whose origins can be traced to the 1970s, transported third-party freight throughout the UK and Europe, employed 15 staff and had an annual turnover of £800,000.
But Insolvency Practitioners at SFP were appointed in January 2011 after the irm suffered from cashfiow problems and high diesel prices. SFP Forensic has been investigating the directors’ conduct for a report to be submitted to the Department of Business, Innovation and Skills.
However, in its latest progress report the administrator also says: “SFP Forensic has identiied areas of concern in relation to the company’s trading activities prior to it being placed into administration. These are currently being investigated. However, the administrator does not wish to divulge any further information in relation to this at this stage since it may hamper enquiries or future recoveries.” The report goes on to add that any payments to unsecured creditors will be “dependent upon realisations achieved from any recoveries made from SFP Forensic’s investigations”.
SFP did not respond. FG Foster directors Warren Billingham and Hayley Foster were unavailable for comment.