THEY WERE NOT TO BLAME, HE AGREES A FORMER Nottingham coach
Page 47
If you've noticed an error in this article please click here to report it so we can fix it.
operator, who did more than £1,000worth of damage to Competitors' coaches because he believed they were responsible for his business failing, now knew they were not to blame, he said at his public examination at Nottingham Bankruptcy Court last week.
Roy Vincent Holdsworth, unemployed, of Honiton Road, Strelley, formerly in business in Nottingham as Monarch Luxury Coaches, admitted a deficiency of 16,064.
He gave lack of business experience as one of the reasons for his failure, together with undertaking hire-purchase commitments for vehicles in excess of available resources.
The court was told that Holdsworth, who once worked as a bus driver and later as a labourer, became unemployed in March, 1961. Later that year he started in business as a coach proprietor, acquiring a coach on hire purchase at a total cost of £3,125.
He made a down payment of £1,000 by cashing Premium Bonds and under took to pay the balance by 30 instalments of £70 16s. 8d. The Premium Bonds and further gifts were made to him by relatives.
As he lacked business experience, it was arranged that the business be conducted from the premises of the vendor of the vehicle, an established coach proprietor, with a view to a partnership.
In March, 1962, Holdsworth acquired a second coach on hire purchase. This was driven by an employee of the other proprietor until May when a dispute arose over booking receipts.
Holdsworth moved his business to other premises, operating as Monarch Luxury Coaches, and later moved again under the title Swallow Coaches. Between March and May this year the coaches were repossessed and business ceased.
In May, Holdsworth inflicted, and was liable for, damage in excess of £1,000 to motorcoaches of two competitors, to whom he attributed the failure of his business and the repossession of his vehicles.
The examination was closed.