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Haulage firm fights to stay afloat
Page 7
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BEAMISH TRANSPORT. one of the north-east's most recognisable haulage firms, has been forced to reassure creditors it is not in liquidation and continues to trade.
However, it does admit to using a specialist business-recovery firm in an effort to stay afloat — and it has set up a Creditors' Voluntary Arrangement in a bit to stave off receivership This enables it to put invoices from before a given date on a back burner until it has sufficient means to pay.
The company, which has an annual turnover or more than £2.5m, announced a "difficult period of trading in 2003" and turned to Berwick upon Tweedbased KSA in early November to help handle the finances. A KSA representative says:"We are acting as advisers with regards to a voluntary arrangement. The company trades as normal and pays new invoices, [but] prior to 6 November it goes towards the company voluntary arrangement."
A Beamish Transport spokesman says it will continue trading as normal and is confident of securing new contracts shortly. However one disgruntled supplier has already contacted CM to claim he is allegedly owed "a few thousand" by the firm. Beamish Transport managing director, Darin Pickering, says: "We have faced considerable challenges over the last 12 months, but the restructuring will enable us to move the business forward strongly."
The firm added a new Daf XF95 4x2 tractor toils 33-strong car and caravan delivery fleet earlier this year (CM 17 April).
• Another car transport firm, Parker Bros of Swadlineote, Derbyshire, is selling off its assets after going into voluntary liquidation on 15 September.The family business called in liquidators Kroll, Buehler & Phillips after their biggest customer went in to receivership. A KBP spokeswoman says the firm's troubles started with the fuel hikes in 2001. She adds: "They put all their eggs in one basket, and couldn't replace lost business."