Steve Prince Transport opts for CVA with suppliers’ support
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By Hayley Pink ESSEX HAULIER Steve Prince Transport has proposed a Company Voluntary Arrangement (CVA) to its creditors to repay its debts over an extended period of time.
Turnaround irm Anthony Batty & Co, which has been appointed to handle the CVA, tells CM it is likely the proposal will be approved by creditors at a meeting on 22 March.
The Braintree-based haulier says it has been hit by spiralling fuel prices, which have added £14,000 to its monthly operating costs, as well as several customers entering administration owing the company thousands of pounds.
MD Steve Prince adds that the directors of some of these debtors have immediately started trading again, leaving his company “in the mire”. He says: “This is a practice that I abhor and cannot envisage putting my own suppliers through.” The irm has now set up a restructure plan, which has “regretfully” involved some redundancies, and is implementing a series of cost-saving initiatives.
Prince adds: “We’re enjoying support from our suppliers and feel that we are in the best position to see out the remainder of the economic downturn and look forward to a streamlined and brighter future.” The irm is a Palletways member, which it joined in June 2011 covering SS and some of the RM postcodes. Palletways UK MD Martyn Young says it is “business as usual” for the haulier’s Palletways operations.