Wed, 09 Jun 2010 | ADMINISTRATION
A crippling tax bill has driven a Cambridgeshire haulage firm into a pre-pack administration deal.
Wisbech-based Heathcliff Haulage was put up for sale in April after the pursuit of unpaid debts by HM Revenue and Customs (HMRC) left it with no other option. The search for a buyer, however, was unsuccessful.
Neil Bennett and Michael Healy of Leonard Curtis had been appointed joint administrators in May and oversaw the purchase of company assets by Noel-Storr Limited. These assets included the company name and the new business has now been officially re-registered as Heathcliff Haulage.
A spokesman for Noel-Storr explained, "The reason for doing a pre-pack deal was to ensure we could save all 48 jobs. There are only about five creditors listed, with the majority owed less than £2,000 each. However the biggest creditor was HMRC, and there was no way we could pay it in the timescale required."
The firm has an O-licence for 34 vehicles and 20 trailers and lost revenue when a number of key customers were lost during 2009.
A spokeswoman for the administrators said the undisclosed sum owed to HMRC was insurmountable and that they were currently involved in an ongoing process of dealing with the aftermath of the debts.
A well-established UK distributor renowned for high-quality bicycle components and accessories, serving both retail and trade customers nationwide, is available for acquisition.
This well-established specialist glazing business in Derbyshire boasts over 30 years of success, supported by a well-presented showroom and ample storage.
This well-established car sales and garage business in Nottinghamshire offers a superb reputation supported by positive online reviews and occupies a prominent position on a main road in Worksop.
|
27
|
|
Jun
|
Carlisle construction firm saved from potential insolvency by acquisition | BUSINESS SALE
Carlisle-based construction contractor Cubby Construction ha...
|
27
|
|
Jun
|
Construction services provider acquires roof maintenance firm | BUSINESS SALE
Construction and facilities management services provider Pre...
|
27
|
|
Jun
|
Administrators exploring options after collapse of computer hardware firm | ADMINISTRATION
A computer hardware company based in Nottingham has fallen i...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.