Call our Sales Team on 0208 912 2120

MK Leslie forced to call time

26th September 2013
Page 7
Page 7, 26th September 2013 — MK Leslie forced to call time
Noticed an error?
If you've noticed an error in this article please click here to report it so we can fix it.

Which of the following most accurately describes the problem?

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Although a repayment plan was in place, it was not adhered to; and the firm's banking facilities were withdrawn shortly before the date of administration on 30 July, due to its deteriorating credit rating.

After its banking facilities were withdrawn, financial services firm Bibby Factors Scotland provided a processing facility for it, but, the hauliers' directors failed to secure alternative banking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.

comments powered by Disqus