Penhale goes for 10.5m
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A Derbyshire haulier which went bust owing half a million pounds is being investigated to find out why it showed a loss for its last two years of trading.
Ashbourne-based Penhale Commercial Services went into liquidation on 30 March; Nottingham accountant Keith Blades was appointed liquidator. Blades confirms that he plans to investigate the company's affairs.
The statement of affairs, seen by Commercial Motor, shows that in 1999 it had Viabilities of £32,000£12,000 more than the previous year
Furious subcontractors want to know how that loss turned into £500,000 this year while Penhale was car rying out lucrative work for Co-op distributor ACC Contract Distribution.
According to ACC contract manager Duncan Smart, Penhale was paid for all the work it carried out.
The statement of affairs indicates that losses were caused by rising diesel costs and reduced margins.
Commercial Motor was unable to contact Mike Harrison, Penhale's main shareholder and the man in charge of the operation. Blades says Harrison is recovering from a heart attack and refused to give out his number.
David Bradbury of Ilkeston-based D&A Haulage is owed £12,500 by Penhale. "We had lots of assurances
from Harrison, saying -don't worry I work for the Co-op your money is safe'." he says. "But he's done the dirty on us. Only being a small company it's had a large effect."
Mervin Richmond from Castle Donington-based R&S Haulage says he will survive despite the £11,500 he is owed by Penhale.
"I kept asking him if he was going bust because he was issuing us with cheques that were bouncing," says Richmond. "I think he's taken a lot of money out of it."
Smart assures creditors that. while some of Harrison's trailers are still in ACC's system, he is not supplying Harrison with further work.