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WRII forced to close two subsidiaries
Page 7
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• hy Chris Tindall Distribution and warehousing group WRM Logistics has been forced to close two of its subsidiaries less than three weeks after administrators were called in to help save the beleaguered company.
This has left subcontractors in the lurch, wondering if they can claw back the thousands of pounds they are still owed.
Administrator PricewaterhouseCoopers (PWC) originally announced that WRM, made up of three subsidiary compa nies—Kendal-based WRM Paperlink, Hitchin-based WRM Logistics (Contracts) and WRM Scotland in Cumbernauldwould continue to trade as normal while a buyer was sought ( CM19 Dec 02-2 Jan 03).
However, a deal fell through at the eleventh hour and the Kendal and Cumbernauid businesses ceased trading on 24 December, resulting in more than 200 redundancies. PWC is now seeking a buyer for the Hitchin firm.
But this has left many subcontractors out of pocket and not knowing whether they will see the money they are owed by WRM.
"It's not good, is it?" says Olive Taylor of Kendall-based OW Taylor Transport, which is owed around £8,000.
"The next time we pay our bills, that's the diesel money gone and we can't run without diesel," she adds.
Lancaster-based Kidds Transport is owed substantially more. Transport manager Martin Park claims it is "in the region of £20,000".
However, he remains optimistic: "I am hoping we get something out of it, even if it is only 50%," he says. "If not, I will have made no profit this year."
Another Cumbrian sub-contractor, Alan Thompson Haulage, claims it is owe "substantial amount. Boss Thompson adds: 'We wi have been struggling, but I t other irons in the fire.
"That said, it leaves us st of money. A month's diesel gone down the swanny; aro .£10,000-£12,000," he calcula A spokesman for F blames the closure on the I of several major contracts.
A meeting of creditors been arranged for 25 Febru