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Fresh wave carries Seafield
Page 4
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out of Orb's troubled sphere EXCLUSIVE
• by Dominic Perry A Worksop-based logistics firm has been saved from extinction following the collapse of its scandal-hit parent company which is under investigation by the Serious Fraud Office.
Seafield Holdings was placed into administration on 11 July, emerging days later as Seafield Logistics after new owners stepped in. The Worksop firm—which also has depots in Scunthorpe, Barnsley and Aylesham—was in serious financial difficulties as soon as its parent company Orb Estates went into administration and ended its financial support.
Orb, itself a secretive Jersey-based property firm, has been under investigation by the Serious Fraud Office since December; it was investigating the loss of some £30m by another Orb subsidiary, software firm Izodia.
This has since been closed by its new owners, Andy Ruhan and Alan Campbell who also own the firm behind Seafield Logistics, Conway Holdings international.
Seafield was formed in 1989 from the amalgamation of three haulage firms— Worksop operators JT Hunt and Peter Downing Transport and Aylesham-based White Trucks International. Orb purchased the firm around two years ago for about £14m.
One Seafield insider claims that the company was profitable until Orb arrived, making an 11% return each year, although it made a loss prior to Orb's arrival of £52,000 in 2000. He says that almost immediately it sold its warehouses for £12m to another Orb subsidiary, Orb Warehousing, which in turn took out a £30m loan against these.
He says that once Orb could not make the repayments late last year Seafield was told that it would have to raise the cash— around £40,000 per week. To keep up with the repayments it had to earn more money than it had earned in its history," he adds.
its accounts show that in 2001 it paid rent of almost £2.5m to Orb Warehousing plus another £700,000 in interest on an intracompany loan. An amount of £3.3m due to Orb was waived in December 2001.
There are also claims that the firm was In financial difficulties as far back as February this year. Suppliers spoken to by CM report long-standing difficulties in getting paid by Seafield, with one repeatedly
having to order his staff off-site until he received his money.
He says: "Every payment was a nightmare for us, it got to the stage where we were owed about £1.5m. We were threatening to come off site every month when the payment was due." He now says he is owed a five-figure sum by Seafield Holdings.
Seafield also appears to have cut-back on the amount of sub-contract haulage it was using—one local firm, now owed £600 by the defunct company, says that until recently its average outstanding bill was around £30,000.
Staff from Seafield Holdings, including managing director Mark Strong and finance director Mark Kirkham, have transferred across to Seafield Logistics.
In a statement Seafield Logistics boss Strong says: "I look forward to working with customers and clients, old and new, and to continue the tradition of service and rehabikty they expect."
Seafield Logistics also owns Scunthorpe steel haulier, Thompson Martin Group, which has also been bought by the new owners.
CM was unable to contact anyone from Jerseybased Orb.