1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144 
Bulmers boss reveals more about former firm's finances
Page 8
If you've noticed an error in this article please click here to report it so we can fix it.
By Roger Brown THE HEAD OF Bulmers Transport Johnathan Bulmer has released further information about the finances of Bulmers Logistics — his old business — which entered administration last month.
Bulmer, managing director at Bulmers Transport, who bought the trade and assets of Bulmers Logistics for an undisclosed figure after it went into a pre-packaged administration on 21 January, tells CM the debt of the former firm was part of a pre-agreed facility and broken into three main parts He saysthat£3m in hire-purchase agreements on 56 trucks with Yorkshire Bank have been moved across to Bulmers Transport and "will be honoured by the new business': According to Bulmer, £.6.2m of invoice finance debt is 85% of the actual and legitimate book debt at the time Bulmers Logistics stopped trading, and is fully recoverable.
Bulmer says most of this debt on the sales ledger was "normal debt in standard trading terms': He says he is committed to recovering this as part administrator Deloitte and says a significant proportion has already been paid.
Bulmer also says there is a £500,000 overdraft facility that is expected to be repaid from the 15% balance of recovered trading debt and the invoice finance debt.
"It is too early to state the final impact on unsecured creditors until the sales ledger has been cleared. But we can restate our earlier position, that a majority of suppliers to Bulmers Logistics are working for Bulmers Transport," he explains.
Bulmers Transport is closing offices in Hull and Immingham, making approximately 50 staff redundant The 200 retained staff will transfer to the new company under TUPE.The firm is also cutting vehicle numbers from 184 to 144.
. FOR THE LATEST NEWS VISIT;