Speedwell applies for new 0-licence
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• The debt-ridden owner of Nexday, Speedwell Group, which collapsed owing £3m is to apply for a new Operators' Licence in a bid to continue running a company called Speedwell Transport & Distribution Developments.
North Western LA Martin Albu says he has not heard from Speedwell yet but adds that "adequate financial standing" is always a factor in granting an 0-licence.
Speedwell's remaining vehicles are leased from Charrington Contract Hire. "We asked for the vehicles back at the weekend but have heard nothing, so we presume they are on the road," says Charrington.
Four Speedwell companies were liquidated on Monday near the group's Sandbach, Cheshire base. Franchise operation Nexday Express has debts of £1.3m; Speedwell Transport and Distribution (Contracts) owes £1.63m and packaging operation Aspak leaves debts of £234,945. The Speedwell Group is also liquidated.
Liquidator Melvyn Langley of Sorskys criticised last August's aquisition of Nexday. "The company was rash in trying to form a nationwide franchise operation," he told creditors.
Fred Stevens and his son Nigel were directors of all four companies, although Fred has recently resigned. Fred Stevens admitted the group owed £360,000 to the Inland Revenue for a year.
Langley said the group carried out a "nonsensical" restructure in which assets were transferred from the Speedwell Group to Speedwell Transport & Distribution.