Tue, 21 Jan 2014 | ADMINISTRATION
The assets of three connected businesses - Thompson Metals, Thompson Waste Management and Thompson Waste Recycling Limited - have been purchased out of administration.
Directors Kevin and Nessa Thompson bought the assets of the Lincolnshire businesses for £170,000. The 82 workers’ positions have also been retained.
Chris White, the administrator from P&A Partnership, provided a back-story to the companies’ present situation. They had traded well from 2000, when they were established, to 2006, but had begun to build up debts over the past year, with HMRC initiating enforcement action in early November.
The trio of companies had also been placed on ‘stop’ by a large creditor who had blocked access to landfills.
Before the sale, the cost of disposing waste was estimated at between £450,000 and £600,000, due to landfill fees. The previous operators had to handle over 3,000 tonnes of unrecyclable waste with a charge of £72 per tonne, The Scunthorpe Telegraph understands.
Mr White told the newspaper: “These businesses dealt in waste and scrap metal and had built up large liabilities, partly due to increased costs of implementing new legislation.”
HMRC was owed £500,00 by the trio, and had a walking possession order for plant and machinery, according to Mr White. Effectively HMRC could seize assets on the sites.
The Thompson companies forked out £6,250 to HMRC, covering payments for the assets not subject to any third party finance. It seems HMRC did not take any further action at the time, as Mr White pointed out that “they have not uplifted any assets”.
___________________________________________________________________________
Related information:
Historic list of waste companies in administration
This is a unique opportunity to acquire two well-established B2B companies operating across multiple sectors throughout the UK, boasting strong client relationships and secure contracted revenues poised for further expansion.
LEASEHOLD
This is a unique opportunity to acquire a prominent company in a specialist sector with a high barrier to entry, offering integration potential and a cash-generative model with repeat revenue.
This business presents an enticing opportunity with established relationships with blue-chip organisations globally, a strong client retention rate, and the potential for relocation.
06
|
May
|
Listed Nottinghamshire hotel on the market at £4.2m | COMMERCIAL PROPERTY
The West Retford Hotel, an 18th century manor house hotel in...
06
|
May
|
UK administrations update: April 29 – May 6 | ADMINISTRATION
Since our last update, the following businesses have been co...
06
|
May
|
Insurance broker secures funding and announces client book acquisition | BUSINESS SALE
Delta Corporate Risk, an insurance broker headquartered in M...
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.