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Eglinton calls in receivers

3rd November 2005
Page 7
Page 7, 3rd November 2005 — Eglinton calls in receivers
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Which of the following most accurately describes the problem?

EGLINTON FAST FREIGHT (EFF), one of Northern Ireland's largest hauliers, has called in the receivers following a cash crisis.

The Deny-based firm has ceased trading, and its premises at Derry Port are locked. It ran approximately 40 trucks and had about 90 employees.

The company had expanded significantly in recent years and it handled a significant volume of Continental work, particularly to Turkey.

Last year, Northern Ireland's Business Eye magazine picked out company secretary Gerard Doherty as one of 25 leading business achievers.

The citation said: "EFF has done so through steady investment in some innovative technology, and some energetic and determined leadership by the man at helm. And their lorries look the part too!"

Two years ago Londonderry Port and Harbour Commissioners built a transport and logistics centre for the company at the port.

Problems arose following the liquidation of one of its biggest customers, clothing manufacturer Desmonds, earlier this year.

The directors and sole shareholders of the company were Gerard Doherty, James Bernard Doherty and Eugene Doherty.

The company has not filed accounts since 2002, but these showed retained profits of £130,611, down £57,000 on the previous year. However, net debts were £1.9m,almost £600.000 up on the previous year.