Deben got Elite assets for C75k
Page 3
If you've noticed an error in this article please click here to report it so we can fix it.
By Christopher Walton
FELIXSTOWE HAULIER Deben Transport bought the business and assets of fellow container specialist Elite Transport Services for £75,000, according to its administrator.
However, a statement of affairs final progress report, compiled by Leonard Curtis, also revealed that payments of more than El m were made to Bibby Financial Services, which provided the haulier with invoice finance services, to settle an outstanding debt.
A creditor's voluntary liquidation was approved at a meeting of creditors in July, after Deben acquired the business and assets of Elite following its administration on 26 April 2013. This came after a three-month period when it traded under terms of a company voluntary arrangement.
During the administration trading period, gross sales of £257,979 were achieved. A postadministration sales invoice facility provided by Bibby produced a £40,959 surplus for creditors. Bibby also had a book debt ledger with Elite totalling £1.5m at the time of the administrator's appointment, of which £817,521 was approved for funding. During the administration a sum of £1.4m was received, however, which was
sufficient to pay Bibby in full and provide a surplus during the administration.
As of 3 December 2013 Elite had an estimated total deficiency, as regards nonpreferential creditors, of £4.4m. It includes approximately £2m owed to HMRC in PAYE, National Insurance and VAT, and £555,158 owed to trade and expense creditors.
The administration has now been completed, with a winding-up petition to liquidate what remains of the company passed.
• Gregory Distribution Limited also snapped up the business, assets and goodwill of collapsed Oxfordshire firm Interoute Transport Services for just £75,000, according to the firm's administrators.
In a progress report, published last month, Quantuma administrators Carl Jackson and Kelly Mitchell stated that they closed the loss-making transport side of the business with immediate effect after their appointment on 17 May 2013, making all drivers redundant.
Gregory Distribution was one of four companies to submit a bid for the failed business, with Interoute's two major customers —Toshiba and Atlantic/Oasis — in favour of their bid.