1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156 
lobs lost as Adams Med by cash-flow
Page 6
If you've noticed an error in this article please click here to report it so we can fix it.
y Miles Brknell
een directly-employed drivers have lost their 3 and several sub-contractors face possible ikruptcy after the Northants-based transport
up J Adams & Sons announced it was going ladministrative receivership.
Although the group ceased trading last Friday, neeting to officially appoint an administrator staking place as CMwent to press on Tuesday The 20 sub-contractors all pulled containers
of Felixstowe docks for part of the group, J ims & Sons (Felixstowe). One, who had three cks working for Adams, is owed more than 3,000, while several others are owed figures )stantially in excess of £10,000.
Jim Walton, owner of South Yorkshire firm JP Iton had two trucks on the contracts and is ed £17,000. Another says: "I'm waiting to hear m my bank manager now—if he is anything less in very understanding, I'm facing bankruptcy." J Adams was set up by father and son team in and Barry Adams in May 1998 and, at the time receivership, consisted of three companies. hough J Adams & Sons, which handled general Jlage, and J Adams &i Sons (Felixstowe) have th gone into administration, the third company— Adams & Sons (Warehousing)— ntinues to trade. every week and the container operation was making money—lstill can't believe it," he says.
However, according to Barry Adams, both companies were brought down by the time it took customers to pay.
"We had a cashflow problem—it's as simple as that. Our customers were taking an average of 84 days to pay and even though we had a factoring arrangement in place, we weren't getting our money quickly enough. Although they were separate companies, inter-company trading meant the lack of cash affected both firms," he says.
He thinks it is unlikely the company will trade its way back from this but says he is hopeful that creditors will receive some of the money they are owed.
A spokesman for the factoring firm RUM Factors confirmed they had been called to a meeting, told that Adams was effectively insolvent and asked for the company to be put into administration. The subbins say they will be asking why the company they worked for has gone bust, while the warehousing company continues to trade.
• E-maik milesbrignalkkblue yondenco.uk