Thu, 26 Jul 2012 | ADMINISTRATION
Administrators to Burnley-based Samuel Cooke & Co are seeking a buyer for the majority of its assets as they wind the business down.
The administrators from KPMG were called in to fuel distributor Samuel Cooke & Co and its sister firm Company Fuel Cards. The majority of the firms' combined workforce of 86 has lost their jobs, with the remaining 12 kept on to assist the administrators.
Founded in 1845, Samuel Cooke & Co distributed fuels and lubricants to the residential and commercial markets, and reported revenues of £106 million in 2010.
“The business suffered an unexpected loss in relation to a specific group of customers that impaired asset value, and as a result, placed the business under a significant cash strain,” joint administrator Paul Flint said.
The matter is now being investigated by the police. The situation also adversely affected Company Fuel Cards, leading it to also enter administration.
Company Fuel Cards provided fuel cards to commercial clients. Its customer list has been sold to Direct Fuels, a third party business. Direct Fuels will supply fuel to Company Fuel Cards’ customers after the sale and ensure that there is no disruption to services.
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