Croome Gold Star enters administration
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WELL-KNOWN Kent firm David Croome, which irades as Croome Gold Star Logistics, has entered administration, with PricewaterhouseCoopers (PwC) appointed on 7 April The Queenborough-based international haulier says losses incurred during its 2008 financial year were caused by high fuel prices and the exchange rate with the euro. Director David Croome adds: "[The losses] were unable to be funded going forWard. There is intense competition in the Europe an transport sector, particularly from Eastern Europe, and there was no way back, unfortunately."
Prior to its administration, it sold several contracts to sister firm UAB Croome International Transport, based in Lithuania.
PwC says it is looking into the transaction to ensure the full market value was achieved.
• Croome International Transport, based in Lenham, Kent, is unrelated to Croome Gold Star and is unaffected by the administration.