Collapsed JJT assets bought for £65,000
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By Hayley Pink
THE ASSETS of collapsed Snodland, Kent-based operator JJT Logistics have been snapped up by the company’s operations manager, Julian Arnold, for £65,000, with unsecured creditors “very unlikely” to receive any money back from the deal.
The haulier, run by director Tatjana Spicer, entered administration on 27 October due to “poor cash-low management” , with a total deiciency of £87,052. Simon and Daniel Plant of SFP were appointed as joint administrators.
The irm’s crisis was exacerbated by a trafic commissioner’s public inquiry, which found that the business was unable to prove its inancial standing, and subsequently revoked its O-licence from 31 October, leaving JJT unable to operate.
In its Statement of Proposals, SFP says it was unable to sell the company as a going concern, due to its insolvency, but that there was a possibility of “achieving a better result for the creditors as a whole than if the company was simply wound-up”.
However, due to JJT’s imminent O-licence revocation, the timescale made it highly unlikely the business would be sold to a third party, and instead Arnold was approached to see if he was interested in buying the business.
Arnold conirmed he was not interested in buying the haulage irm, as he already operated another business that was also dealing with JJT’s customers. However, he would like to purchase the company’s assets. His initial offer of £30,000 was rejected by the administrators but, following negotiations, a inal offer of £65,000 was accepted.
The administrators reveal it is unlikely unsecured creditors will receive any money back from the sale of JJT’s assets.
At the time of the collapse, JJT employed eight people and held an O-licence for 12 vehicles and 12 trailers.
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