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The end for Scotflow cross- u bo e r s d o e n r as no buyer is found
Page 12
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credentials By Roanna Avison SCOTTISH HAULIER Scofflow has ceased trading after its administrator failed to find a buyer.
Scott`low's parent company Curtis Fine Papers called in KPMG at the end of July, but Scotflow continued to trade because it was a profitable business and the administrator was hopeful of selling it as a going concern ('Scotflow parent company closes its doors'. CM 7 August).
After the administrators were appointed. Scotflow reduced its fleet from 12 artics to four and continued working with existing customers.
However, most of Scotflow's outgoing work had been hauling paper products for its parent company.
Despite remaining profitable, no buyer could be found and the Guardbridge-based operator was forced to shut up shop and make 24 staff redundant.
A statement from the administrator filed at Companies House says the directors' statement of affairs indicates that preferential creditors will be paid in full and there will be a partial dividend for unsecured creditors, Scotflow's stock comprised fuel that was being used during the course of the administration, but the vehicles were all under lease agree ments and have been returned, In its last set of accounts for the year to 31 December 2007. Scotflow reported a net profit of £65,000 on a turnover of 11.8m.