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Car transporter bounces back
Page 6
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A CASH-STRAPPED ear transporter firm has been relaunched under a new name a month after warning creditors it was temporarily unable to pay its debts.
Paul Hodgson Transport of Bedlington. Northumberland. went into administration on 21 January but was almost immediately sold to its management and relaunched as Paul Hodgson Transport (2004).
A spokeswoman for accountants Pricewaterhouse Cooper, which acted as the administrator. says: "The company was in a lot of financial difficulty so could not continue trading as it was."
She says the procedure of selling insolvent businesses to their managements is not unusual: "In this instance there weren't any particular assets and the only option was to sell the business as a going concern." Four drivers are said to have been made redundant.
Mark Morgan of AutoLogic Holdings, Europe's biggest independent car transporter, says: "We're keen to see Paul continue as he is one of our subcontractors."
An industry insider says that despite record car registrations in the UK last year.there is considerable over-capacity in the sector.