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Sibling sale saves jobs says accountant
Page 6
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THE OWNERS OF a major temperature controlled transport company have avoided insolvency by selling the business to another of their companies, on the day it went into administration.
Cambridgeshire-based TJ Refrigerated Transport racked up numerous debts before accountants from Baker Tilly placed it in administration on 29 July. Later that day it was sold as a going concern to Logistic Solutions (Cambs), a firm which shares the same directors with TJ Refrigerated Transport: Kevin Jaggard, RossTaylor and Carl Wharf.
Logistic Solutions (Carnbs) applied for a six-vehicle/10-trailer 0-licence in June; it was granted on 5 August.
Baker Tilly partner Adrian Allen says the sale saved 60 jobs and ensured uninterrupted service to the firm's former customers. He explains: "If the business had not been sold quickly the business's goodwill would have deteriorated rapidly as the administrators would have been unable to give any assurances to customers that the business was going to continue."