Joseph Rice Leaves a £480,000 deficit
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JOSEPH RICE AND SONS, one of Britain’s oldest hauliers, has left a deficiency of almost £480,000, leaving haulage creditors shocked at how desperate the firm’s financial situation had become.
As reported by CM, the family-run 161-year-old Hempsted, Gloucestershire, operator ceased trading on 2 March, largely due to the rising cost of fuel (CM 10 March). It appointed Philip Gorman of Hazlewoods LLP company liquidator on 22 March.
Joseph Rice and Sons owed creditors a total of £719,457 when it collapsed, but only has assets of £105,014 according to the liquidator’s statement of affairs filed at Companies House last week. After preferential creditors have been paid, there are limited funds left to pay unsecured claimants, including £120,091 worth of trade and expense creditors, and £66,195 owed to HM Revenue & Customs. The company therefore leaves a total deficiency of £477,458.
Andrew Long, business development manager at Bristol-based King’s Heavy Haulage, which is owed £3,180 by Joseph Rice, says: “This closure truly came out of the blue.”
As CM went to press, six of Joseph Rice’s vehicles and 14 trailers were for sale with online auctioneer AMS Auctions.