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M 1 Commercials breathes again after salvation sale
Page 13
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A LEEDS truck dealer which went into liquidation with debts of more than Lim has been sold and re-emerged with an almost identical name.
M1 Commercials is now operating as M1 Commercial Sales from the same site in Carr Moor Side and with the same staff as when it went into liquidation. Only the directors have changed and the new managing director is former sales manager David Ryder.
A spokesman for Bartfields UK, the liquidator, confirmed that all the assets and goodwill of the old company had been purchased by the new one.
He adds that around half the debt of Um is owed to the taxman and the bank,with the rest to trade creditors.
Ryder says that the new company has managed to continue commercial relationships with most of its suppliers, although one company is refusing to supply parts even for cash on delivery.