Pemberton Transport awaits creditors' approval for CVA
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PEMBERTON TRANSPORT. the troubled Cheshire haulier, was waiting on a decision from its creditors on a proposed Company Voluntary Arrangement (CVA), at a reconvened creditors' meeting due to take place as CM went to press.
The original meeting was due to take place on 7 April, but was adjourned until 20 April after HM Revenue & Customs (HMRC) asked for more time to consider the proposal.
With the approval of 75% of the creditors needed for the proposal to go ahead,the blessing of H M RC, which holds some 11.5% of the debt, makes that more likely.
A report by insolvency specialist Rimes & Co. which is the proposed supervisor of the CVA, suggests the company's problems relate to an over-reliance on one client in the construction industry leading to losses in its last financial year.
Creditors appear to total more than .£500.000. which is much greater than the asset value, according to the report.
When she acquired the firm last November, director and owner Lynne Walker was keen to stress the takeover was a venture she had undertaken on her own and was unconnected with anyone else.
She previously had links,through shared directorships or company secretary positions, with Alex Rawlings and Shahid Hussain, who had run Eric Short Haulage and John Mack Haulage (UK) (the pre-pack successor to John Mack Haulage). before both went into administration. It is understood that Pemberton Transport has some links with John Mack Haulage (UK): buying fuel for the now defunct firm and acquiring some of its vehicles.
However, Walker explains that the vehicles have been taken on through a finance firm and any such connection with John Mack Haulage (UK) is purely coincidental.
The deal that saw Walker buy the business from the Pemberton family was set up by John Ferguson of Boston Commercial Finance, which had been involved with the acquisitions of John Mack Haulage and Eric Short Transport.
Boston is a secured creditor and should see a full return on its debts regardless of whether or not the CVA proceeds.
Walker declined to comment further.