Tue, 19 Jul 2016 | ADMINISTRATION
Haulier AM Widdowson and Son, the company behind Widdowson Group, has entered a pre-pack administration.
Widdowson Group and its assets were sold to a company called Widdowson Logistics on the same day as its owner entered administration on 6 July 2016. AM Widdowson and Son had changed its name to Loglecdissol the day before. The 220 employees were transferred over to the new business.
Loglecdissol and Widdowson Logistics are thought to both be owned by investment company HLD Group, which is registered in Malta and trades in the UK.
HLD Group purchased AM Widdowson in June 2015, and insolvency specialist Leonard Curtis put the business, which as Companies House documents suggesting that it owed HMRC over £2.4 million, into a CVA a month later.
Loglecdissol's administrators, Leonard Curtis again, contacted creditors and staff last week (12 July 2016) to let them know of the pre-pack administration.
The letter to creditors mentioned that the business had been profitable in the past but had racked up “significant losses” before and after the CVA. Losing two valuable contracts in 2014 worth about £5 million and a failed attempt to sell the company didn't help matters.
The move has left creditors, a number of recruitment companies, severely out of pocket. One Leicester-based recruiter explained to Leicester Mercury that it is owed about £35,000, for example. The company's manager said: “We were unsecured creditors and I think there are others in recruitment in similar positions.”
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