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
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206
207
208
209
210
211
212
213
214
215
216
217
218
219
220
221
222
223
224
225
226
227
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248 
Bank cuts force Weldon Plant into administration
Page 131
If you've noticed an error in this article please click here to report it so we can fix it.
chris.tindallfarbi.co.uK NORTHAMPTONSHIRE construction haulier Weldon Plant claims it has gone into administration because its bank made substantial cuts to its facilities without notice.
The Corby business, which has a licence for 30 vehicles and employs some 140 staff, says administration was the only course of action after months of negotiation with Royal Bank of Scotland (RBS).
Rumours about the company, which made a pre-tax loss of £40,000 during 2008/09, had been circulating for some days.
A statement by chairman Peter Webb says: "After 30 years of successful trading and weathering the first part of the current recession, the situation is that the company has, for the past two months, been trying to renegotiate its banking facilities.
"During those negotiations, the bank twice made substantial cuts to our banking facilities without notice and, in our opinion, without justification.
"This has placed strain on our cash flow and delayed payments to suppliers and subcontractors, many of whom are small sole traders and partn erships.
"After lengthy and detailed discussions, the directors are of the opinion that the only way forward is to place the company into administration."
Weldon's last set of accounts show that it made an operating loss of 057,000 for the year ending 28 February 2009.
A spokesman for RBS says: "We arc making a sustained effort to work with Weldon Plant to address its issues."