DJ Martin Transport calls in administrators
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christopher. wattonfarbi.co.uk BURY ST EDMUNDS-based DJ Martin Transport has appointed administrators after it ceased trading last month.
The Suffolk operator,which held an 0-licence for 10 vehicles and 10 trailers, had warned last year in its abbreviated accounts that it had a deficit on its balance sheet and that it would continue to prepare future financial statements on a going-concern basis.
Furthermore, it disclosed that it had to renegotiate new loan facilities from its bankers and was making changes to bring the company back into profitability.
Its net book value for the year ended 31 March 2009 as £433,003, but its costs were £497 311. Joint administrator Chris McKay, of McTear Williams & Wood, says: "The company did operate some vehicles, but over the last few months it was unprofitable to do so. It ceased trading a couple of weeks before the administration."
Administrators were appointed on 21 May.
He adds that the company owned the freehold on its Risby site and he is trying to find a buyer, but such a deal is dependant on the owners of a café, which runs on the same site. DJ Martin's vehicles were all run on leasing arrangements.
McKay adds that he has seen a number of haulage companies enter administration in the region over the past six months, but has had problems raising money for creditors as haulage firms tend to have low asset values, because leasing vehicles means there is no equity in operating trucks.
Derek Martin, Daniel Martin and Margaret Jackson are listed as DJ Martin's directors,