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IN ACQUISITION
Page 7
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Pemberton applies for CVA
CREDITORS OF troubled Cheshire haulier Pemberton Transport were poised to vote on a proposed company voluntary arrangement (CVA) as CM went to press.
The firm has lasted just five months under new owner Lynne Walker following its acquisition last year. through her business Capital Associates. from former owners the Pemberton family. Nickolas Rimes, of insolvency practitioners Rimes & Co. says creditors will receive a dividend in the region of 51p in the pound if they agree to the CVA at a creditors' meeting on 7 April.
Rimes says the firm's dependence on one client in the construction industry is the reason for its difficulty.
Its accounts. for the year to 30 April 2009, show it made a pre-tax loss of £11,148 on turnover of £1.6m, down from £2.6m the year before.
Since taking over the firm, Walker has refinanced its assets and is now factoring its sales ledger with Boston Commercial Finance, sister company of Boston & Maine.
Walker declined to comment.