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PI Butler Storage in administration
Page 6
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Cherrystone Investments subsidiary is in administration after losing £120,000 in three months. Dominic Perry reports.
THE FINANCIAL STABILITY of a group of haulage companies is in doubt after the closure of one operation with substantial losses.
Pi Butler Storage ran up debts of about £120,000 in just three months of business. Administrators from SF Plant arc now in place and the firm has ceased trading.
The operation with depots in Newbury. Berks and Haslineden, Lanes was owned by Cherrystone Investments, which had been buying up haulage operators around the country including Old
bury operator Pi Butler & Sons and Kidderminster reefer operator Fransen Transport. This is the third change of management at Pi Butler Storage in as many years-the businesswas formerly Chartatruc, before that went into administration and then Blueways Commercials.
Cherrystone director Paul Priestley purchased the trade debtor book of Bluewavs in the summer and began trading in July.
There was no 0-licence in place at either Newbury or liaslingden, a fact confirmed by Vasa, despite running around 20 trucks.
Staff at PJ Butler & Sons admit they are in the dark about its future, hut it is currently continuing to trade. A number of drivers are thought to have been laid off.
Meanwhile Fransen Transport says it so far unaffected by problems elsewhere in the group. General manager and former owner Henk Buzink says: "We have been very profitable for the past year and as such there's a chance for us to pull through."
Buzink says that money from Fransen has been used to support other parts of the Cherrystone Group. However, a substantial amount of that is due to come back shortly.
Paul Priestley was unavailable to comment on the administration of PJ Butler Storage and its impact on the group's other companies.