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P BUSINESS
Page 10
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Specialist bodybuilder put into administration
By Chris Tindall TOUGH TRADING conditions have claimed yet another victim, as the specialist bodybuilder Tanker Solutions is placed into administration.
It could now be wound down unless a buyer is found soon, according to one of its directors.
The independent Peterboroughbased business, which services and repairs tankers, brought in insolvency practitioner Larking Gowen on 30 September.
Director John Weatherhead is reluctant to discuss the reasoning behind the appointment, but confirms that the company is in administration.
He adds: "Jobs are being completed in the hope we can find someone to continue, but that's unlikely in the current climate. suppose it will be closed if [Larking Gowen] can't find a buyer in the next few weeks. I don't think we'll be the first or the last." CM understands that Tanker Solutions employs 12 staff.
The company's last set of accounts for the year ending 31 March 2007 reveal that sales remained largely static compared with the previous year at /905,000.
However, pre-tax profit fell by more than 76% to /10,500. Also, the company's short-term debts increased by 150.000 to £228,000.
The notes to its accounts states: "The company has a deficiency of net assets amounting to £79,081. The financial statements have been prepared on a going-concern basis, which assumes the continued support of the directors and the company's bankers."
Larking Gowen declined to comment.