Dodd’s goes under after 100 years of trading
Page 5
If you've noticed an error in this article please click here to report it so we can fix it.
By Christopher Walton 21st CENTURY LOGISTICS, which trades as Dodd’s Group, has entered administration just four months after it was taken over by a Swedish businessman. Some 90 staff at its depots in Sittingbourne and Shefield are affected.
Paul Williams and Jason Godefroy, partners at MCR, were appointed joint administrators on 26 August.
Godefroy says: “The company had been suffering from a lack of working capital as a result of severe cashfiow problems heightened by the current economic climate.
“There is no doubt that the dificult trading environment over the past 12 months has played a signiicant part in the demise of the company.
“The administrators have had no choice but to wind down operations with immediate effect, and actively market such assets as are available, to maximise a return for creditors.” 21st Century Logistics was bought by Swedish businessman Fredrik Helander earlier this year (CM 2 June).
He was appointed director on the 20 May, the same day directors David Pink and Carole Dodd terminated their directorships. Director Jim Dodd followed suit on 26 May. Pink remained with the business as MD.
Helander is also registered as director of Millmax Ventures, a company incorporated at Companies House in March, which shares the same registered ofice as Dodd’s Group in Eurolink Business Park in Sittingbourne, Kent.
He spoke to CM after the take over, saying that the purchase of Dodd’s was to be the irst of many in the UK.
“Dodd’s is the irst in a planned number of acquisitions in England and Wales,” he said at the time, adding that he had another two acquisition targets under due diligence.
“We are looking to acquire some mid-sized haulage companies and create a new group with 200 to 250 trucks. Our intentions are not to move in and create a quick buck.” Helander has not returned any of CM’s calls this week. Former director Jim Dodd tells CM Pink had been trying to buy the irm for two days before it entered administration.
“It’s a travesty that a 100-yearold haulage irm has been allowed to go under,” he says. “There was no need for it to enter administration. David was willing to take it on, but the banks just wouldn’t play ball.” Pink was unavailable for comment.
Dodd says he feels very sorry for all the hardworking, loyal staff who have lost their jobs, but does not feel responsible. “I sold the business in good faith,” he says.
He remains on the RHA council and says he will continue to ight for hauliers.
“I will do everything I can to lobby the government for an essential user rebate on fuel so that UK hauliers can operate on a par with foreign hauliers.”