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28 jobs go as pallet firm closes down
6:00am Thursday 9th January 2014 in News
A HAULAGE firm has ceased trading, shedding 28 jobs.
Specialised Pallet Transport, based at Appletree Farm in Cressing, closed having been placed in administration earlier in the year.
The company was formed in 2012 to take over take over Steve Prince Transport, which had run into financial difficulties. Administrators Carter Clark, confirmed Specialised Pallet Transport ceased trading on December 23.
A report from the administrators to Companies House said: “Due to the unprofitable nature of the business when it was purchased and the time taken to restructure and rectify the business by obtaining new contracts, arrears began accruing with some of its suppliers, the Crown and payments due to the administrator for the business acquisition.
“Despite the company trading at break even or marginally better in some months, insufficient profits are being generated to enable the company to clear the arrears.”
Proposals for creditors to receive 41p in the every £1 owed were rejected in August. A petition to wind up the company was issued by the Crown in September after debts spiralled.
Ron Prince, director of Specialised Pallet Transport, was unavailable for comment.
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