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TCS bought out
Page 10
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• Tyre Collection Services, part of the Brandrick Truck Group that went into administration in July, has been sold to its senior staff in a management buyout.
The business, which specialises in collecting used tyres for recycling and carried 4m tyres last year, was bought from administrators Kroll Buchler Phillips for an undisclosed sum. According to senior partner at KBP John Kelly, the managers paid a good price which ``reflected the profitability of that bit of the group".
However things are not going so well at the Brandrick Truck division. Eleven staff have been made redundant so far—according to Kelly it was part of the business that appears to have forced the group into financial difficulties.
"Although it's too early to say for certain, it appears that the truck rental division wasn't performing in line with expectations. When businesses are operating in areas with very tight margins it is vital to keep very close controls on the figures—this doesn't seem to have been happening and I understand the financial director and the firm parted company prior to our being called in."
Kelly says negotiations are continuing to find buyers for the truck and car leasing and rental business and that he is confident that most of the group will be sold off as a going concern.