• by Sally Nash Brian Yeardley Continental has been forced
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to make about 30 staff redundant and put its plans for flagging out on ice ahead of a creditors' meeting this week.
Accountants Ernst & Young have come up with a rescue package to ensure the international operator's survival. It faces debts of about £4.5m (CM 5-11 August).
The creditors' meeting is expected to be successful. giving Yeardley a four-year stay of execution that should allow the company to pay back the debts and get back to profitability.
Ford & Warren, lawyers acting for Yeardley, remained optimistic about the meeting's success, as CM went to press. However, the meeting is likely to be lengthy as "people will want to vent their spleen", says Ford & Warren.
Yeardley says that thoughts of flagging out have been overtaken by attempts to contact all his suppliers and creditors over the past few weeks.
Meanwhile a site at Daventry has closed with eight redundandes and the company has made about 20 people redundant at the company's Felixstowe site14 drivers at the two depots have been affected.
"It's crap," says Yeardley. "Some of them had been with the company for over 10 years."