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Ken Thomas claws its way out of the red
Page 12
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DOCUMENTS JUST filed at Companies House show the depth of last year's financial crisis at Cambridgeshire haulage and warehousing firm Ken Thomas, Last March the company reached agreement with creditors to enter into a creditors voluntary arrangement (CVA) to pay hack more than £300,000 in five years.
Its accounts for the year ending 31 March 2005 show that it made a pre-tax loss of £1.1m on a turnover of £4.1m. The previous year it lost £163.360 on a £5.3m turnover.
Sister business Ken Thomas Logistics, based in Cheshire, recorded a pre-tax loss of £233,525 on turnover of more than £3.1m.
It has also signed a (VA which involves paying off £186,000 to its creditors by 2010.
Both Ken Thomas companies were bought in May 2004 by Bridgehouse Logistics (KT), which also owns Worksop, Nottsbased Seafield Logistics Mark Strong, a director of all three Bridgehouse subsidiaries, reports that the CVAs involve paying back roughly 20% of each company's total de bt.He adds that Ken Thomas Logistics is now running at a profit after stopping work for two customers "Ken Thomas was a consolidation centre which had about 20 customers and it now has three main customers" says Strong. "It's very close to breaking even."
In the financial year toJune 2005 Sealield's turnover rose by more than £6m to nearly £22.5m — but its pre-tax profit of £41,188 represented a drop of 80% on the previous year.
Bridgehouse is based in Warwickshire and owned by a business registered in the Isle of Man.