Recession claims more victims
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chri5tindatt78@googlemaii.com GLOBAL TRANSPORT Logistics entered administration on 3 February, after losing 70% of its business and suffering a £600,000 had debt.
However. the Teesside-based firm's assets and name have been sold to its directors, says Richard Warren at administrator BWC Business Solutions, who adds that "all jobs have been saved".
Director Gary Smith tells CM that a new firm called GT Logistics has been set up. He is convinced it can continue to trade profitably.
" Du ri ng12009 1, we accrued some debts that were dragging the business back. We tried to do a deal with the creditor, but it became very difficult," reveals Smith. "We are convinced [that CT Logistics] is viable because of the business we acquired in the mid-part of the year. We have managed to look after most of the creditors and the people we have working here."
Meanwhile. Leeds haulier P Gray Transport is being wound-up, with Gary Blackburn of BVv'C acting as liquidator.
In the company's statement of affairs, a £439,000 shortfall for creditors is estimated and Blackburn says that no-one will receive a dividend.
"Every vehicle was on finance. The majority of haulage work was linked to the construction industry, and it was not doing any backloads. The increase in diesel prices meant it couldn't possibly make a profit.
"Sustaining losses and paying substantial direct debits in finance costs to keep vehicles going with not enough work for the vehicles meant it could only end up in disaster, so it closed down.
Blackburn adds that 18 staff have been made redundant.