Receivers in at Dow Freight
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• Joint administrative receivers have been appointed to run Stockport-based haulier Dow Freight Services. This new blow to the company comes less than a month after managing director Roger Dowsett was jailed for 18 months by a Manchester Court for conspiring to use unregistered vehicles and forged international permits and journey sheets (CM 30 May).
The joint receivers, JD Harrison and RI Ellison, partners of Deloitte, Haskins & Sells, were appointed last Wednesday (10 June) under a debenture between the company and a major clearing bank. According to Lesley Peak, a senior manager of JD Harrison, the joint receivers are "trying to assimilate all the information to decide how best to use the company's assets". No details have yet been released on any outstanding debts.
Peak says that the company, which operates over 100 trucks, could be sold as a going concern, and several interested parties have already made contact with the receivers.
If the company cannot be sold as a going concern, Peak says the receivers will have to "look at the best way to realise assets." While there is "a lot of information to get to hand, we're nearly at a point where a decision will be made."
Dow Freight Services has not stopped trading and according to the receivers it "is carrying on business as much as it can". As CM closed for press, no redundancies had been announced and none of the company's vehicles had been sold.
Creditors of Dow Freight Services should write to the company's Stockport offices.