Fri, 18 Sep 2015 | ADMINISTRATION
Motorcycle insurance company Bikers Legal Defence Ltd (BLD) has been pushed into administration after efforts to find a buyer or an investor came to nothing.
The business, which traded as Ministry of Bikes, FI International, Salvage Solutions, and Altamura Concepts, entered administration on 9 September, with BDO partners Danny Dartnail and Simon Girling appointed as joint administrators.
BLD had branches in Cumbernauld, Camberley and Birmingham, but according to reports from Insider Media, the majority of staff have now been made redundant with just a few positions maintained in order to assist the administrators in winding the company down and recovering any debts.
Mr Dartnail remarked that a working capital shortfall was behind the administration, which could unfortunately not be addressed in time through efforts to find a buyer or an investor.
He added: "The joint administrators are taking all necessary steps to mitigate losses to customers and, going forward, will seek to maximise recoveries for the benefit of all creditors."
In the year to 31 October 2013, the firm posted revenues of £14.5 million, a decline from the 2012 figure of £16.3 million.
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