Mon, 09 Aug 2010 | ADMINISTRATION
Scotland-based MRS Distribution looks likely to go into administration with debts of £10 million.
MRS was put up for sale by KPMG last month, with a 10-day deadline for bids from sector rivals, none of which materialised.
Now, haulage contracts for customers including Whyte & Mackay, Nairns Oatcakes and packaging group Chesapeake, look to have been transferred to its JBT Distribution subsidiary, with some vehicles being rebadged overnight.
JBT, which was taken over by MRS two years ago for £2.8 million, runs around 60 trucks and employs 150 people. It continues to operate out of the same depot as MRS.
According to accounts held at Companies House, equity dividends of more than £804,000 were paid to MRS directors in the year to March 2009, as the firm reported operating profit sliding from £1.9 million to £776,000 and pre-tax profit dropping from £1.5 million to £417,000.
A recent Dun & Bradstreet credit report revealed that MRS had been taking an average of 86 days to pay creditors.
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