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Reaping a poor Harvest
Page 19
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• The Harvest Group of Companies which specialises in distribution, packing and international haulage, has gone into receivership after its bank called in loans.
The North London-based firm with an operating arm in Bradford, had a .Qm turnover last year. Its customers include retail giants C&A, Marks & Spencer and the Burton Group, and mail order companies GUS, Grattans and Freemans.
David Cowan, speaking on behalf of administrative receivers Cork Gully told Commercial Motor. "The business was very under capitalised and was
borrowing heavily. In today's market with such high interest rates this is not a good idea."
Harvest is being offered as a going concern and Cowan points out that customers are supporting the firm and continuing to trade with it.
"We are busier than ever," adds managing director Gary Rees. "Our customers are being very supportive." But Rees, a former winner of the Independent newspaper's Young Entrepreneur of the Year award, admits he is "devastated" by the collapse. "I feel very responsible and very loyal to our customers and
staff," he says, "but we are victims of circumstances."
The Harvest Group of Companies is the parent of Harvest Trucking Company, Harvest Packaging and Harvest Pressing but Cowan does not believe it is necessary for any prospective owner to operate the venture as four separate limited companies.
"All the companies could be encompassed in one limited company with sub-divisions," he points out.
The company's 15 vehicles are included in the sale, together with freehold and leasehold premises of 3,716m2.