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A. Hingley buys failed M&G Trailers' assets
Page 9
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THE ASSETS OF M&G Trailers have been sold to local transport company A. Hingley Garages after the trailermaker went into liquidation last week Insolvency practitioner Mike Rose says the firm failed after a major customer stopped trading, lines of credit dried up and economic conditions resulted in a collapse in demand for standard trailers.
However, it was able to sell the trading name, cranes and welding machinery to Geoff Hingley, who tells CM he is receiving "a hell of a lot of orders".
Hingley says he tried to help the firm leading up to its liquidation, by supplying materials and doing its transport. He says: "The cranes are scrap, it was getting a little bit tired. We are spending a fortune on refurbishing everything.
'The office roof collapsed two days after we took over" The premises M&G Trailers used were leased, and Hingley has agreed a deal with the landlord to move its business to the new site. He says he has spent "the best part of E200,000" on refurbishment, acquiring the assets and legal fees.
He adds: "It went out of business primarily because there were no funds to take the company forwards:' Turn to page 20 for more on the future of trailers in the UK.