Collapse of pre-pack deal leads to voluntary liquidation
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By Hayley Pink and Chris Druce A MIDLANDS HAULIER is to go into liquidation after a pre-pack deal failed, in what was a week of inancial turmoil for the sector.
Corby, Northants-based Assured Logistics Solutions (ALS) entered a creditors’ voluntary liquidation following the collapse of a pre-pack administration purchase by director William Allan last month.
The irm had been in administration since 1 September 2011 following a decision by its main customer, Smyths Toys, to share its distribution activities with another business. Its O-licences for 20 vehicles and 30 trailers have now been revoked.
A pre-pack sale of the business and assets as a going concern to ALS E-Fulilment Services, led by Allan, was secured for £240,000, to be paid in instalments over 10 months.
However, administrator Axion Recovery says it understands that ALS E-Fulilment Services has now ceased trading, with only £150,200 received to date of the pre-pack purchase price. CM was unable to contact Allan as it went to press.
Meanwhile, Stoke-on-Trent-based Trent Chilled Distribution has gone into administration. Jeremy Ian Woodside and Christopher Barrett of RSM Tenon Recovery were appointed on the 16 February. The irm, which traded as Traction 2000, is licensed to run up to 12 vehicles and eight trailers.
Finally, Lancashire haulier Today Transport has completed a pre-pack administration to save eight jobs at the irm. The company, established in 1991 by Chris Hill, covered the CL, M, BL and WN postcodes for The Pallet Network.
It undertook a pre-pack administration on the 17 February, handled by Stephen Clancy and Steven Muncaster at Duff & Phelps. The company, which in its previous guise was licensed for 20 vehicles and 18 trailers, has emerged from the process as Today Transport (Manchester).
Hill, who is named as director, was not available to comment as CM went to press.