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Debts pull down Union Jack
Page 8
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An Exeter-based haulage firm has gone into liquidation leaving a trail of
debts. Jennifer Ball reports.
EXLTER-BASED Union Jack Logistics has gone into liquidation with debts of £108,000 after creditors forced it to wind up.
Becky Folds from provisional liquidators Begbies Traynor says: "The company is unable to pay its debts and sees no way round this. We are assisting the company in taking the steps to formally put it into liquidation."
The firm specialised in removals between the UK and Spain. Its last accounts. for the 12 months ending on 21 January 2003, show that it made a profit of j ust £89 on a turnover of £343,944.
One creditor, Bill Mahony from Mahony Transport. claims that he is owed £15,000: "We have been working for them for 10 months and up to now always got paid by cheque on collection. However, over the past few months we have had two or three trucks working on a contract and they have been unable to pay us as the managing director has not been around.
"We have been operating for 33 years so while it's a setback it won't alter our operations."
Union Jack Logistics director Judith Lewis says the firm has now been taken over by Spanish firm UJ Removals SL,which is listed as one of its creditors. However. Folds says this is not the case.
Worldwide Union Jack SL of Spain has no connection with the operation in Exeter.