MK Leslie forced to call time
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MK LESLIE has gone into administration and ceased trading, after falling into a downward spiral that it could not recover from.
A report from the firm's administrators, KPMG, dated 18 September, cited competitive pressures leading to losses, which in turn lead to cashf low issues at the Inverness-based haulier and "significant HMRC arrears".
Although a repayment plan was in place, it was not adhered to; and the firm's banking facilities were withdrawn shortly before the date of administration on 30 July, due to its deteriorating credit rating.
After its banking facilities were withdrawn, financial services firm Bibby Factors Scotland provided a processing facility for it, but, the hauliers' directors failed to secure alternative banking facilities and administration was initiated.