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A Gwent-based firm has been granted Interim authority to operate
Page 25
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and take on the work of Its liquidated predecessor, Bobcat (Wales) had held a licence for nine vehicles and four trailers and its successor, Eco Plant of Bedwas, was seeking a licence for 10 vehicles and four trailers.
Accountant Gordon Williams said that Bobcat had traded since 1998, selling diggers and loaders for American company Ingersoll Rand. Ingersoll Rand had wanted to expand into the London area. They could not raise the cash themselves but had intimated they would stand behind the company. Bobcat expanded during 2001 and opened in London with £750,001) of investment behind it. However, at the end of last year American directors came over and requested repayment of the debt within two years.
That was impossible, as the expansion Into London had been a five-year plan, The stock was returned and Bobcat went into liquidation, For the two companies, Ray Saltiel said that the only people who had lost money were Ingersoll Rand and Bobcat. There were no monies outstanding to creditors, and both the Inland Revenue and Customs & Excise had been paid up to date.
Williams said that Eco Plant was engaged in the hire of plant of every kind throughout the UK, and was seeking a national licence to enable it to carry return loads. Eco Plant is a now main dealer for Volvo Construction. Maintenance would be on a six-weekly cycle and carried out by Volvo Truck & Bus.
The Welsh Deputy Traffic Commissioner Alan Jenkins said that he required confirmation of an assurance that £25,900 capital and reserves was available, as was necessary under the EC rules. After an adjournment, the Deputy TC was told the company had made temporary arrangements with its bank.
In granting an interim licence, Jenkins adjourned the hearing until a date to be fixed after the end of August, to enable the company to produce evidence of a permanent facility from its bankers. He revoked the Bobcat licence.