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Bouncing back again

21st September 2006
Page 10
Page 10, 21st September 2006 — Bouncing back again
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Which of the following most accurately describes the problem?

A haulier created from the ashes of a previously failed venture has now gone into administration

itself. David Harris reports.

A CHELTENHAM HAULIER, which recently won a civic award for business excellence has been put into administration and all its assets sold to a new owner.

Berlin (Project) Limited (BPL), is based on the Kingsditch trading estate in Cheltenham. Among its specialities is transporting racing cars; in March it clinched a contract to supply drivers for moving Honda's Grand Prix team.

Last week administrators were appointed by a finance company, understood to be Ultimate Finance, which had lent money as a secured creditor to BPL and had called in the loan.

Joint administrator Mark Bowen, of Birmingham-based Moore Stephens, says: "The strategy we envisaged was that the company would cease to trade immediately, but it transpired that several parties wanted to buy the assets, so we asked them to make offers. We concluded a sale last Friday [15 September]." The administrator has not named the buyer of BPL's assets. but confirms it will be continuing to trade from the same site.

In June BPL director Steve White, who is believed to be working for the new owners, was presented with the Cheltenham Business Excellence 2006 medal by the Lady Mayor of Chelten ham. He was unavailable to comment earlier this week.

BPL was created from the administration of Allways Forward in April 2005.

Even though the assets of BPL have been bought, the administrator is continuing to investigate the company's affairs in a bid to recoup any money owed.


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