Mon, 17 Jun 2013 | ADMINISTRATION
A haulage business in St Albans has entered administration and ceased trading after nearly four decades of trading.
Bill Chippington Haulage closed its doors last Friday (14 June) and the appointed administrators from FRP Advisory took control.
The business had traded since 1976 from its Valley Road industrial estate site in the town, as well as from another location in Corby. However, financial issues have plagued the firm for some time now and the administrators said that struggle had simply become too much.
Peter Wastell and Michael Young were appointed joint administrators of the business. Mr Wastell commented: “Refinancing options were explored as was the viability of selling the business as a going concern but, regrettably, the business has ultimately had to shut down with the loss of 53 jobs across the company’s two trading sites.
“The economic climate for UK haulage companies has been and continues to be tough.”
He added that a small number of staff will remain at the business in order to assist in winding up the company's affairs over the coming few weeks.
Bill Chippington had a distribution network in place that covered the UK and specific international areas as well. It had an 80 vehicle fleet at its disposal that ranged from a 7.5 ton vehicle right up to a 44 ton truck. It is unclear what will happen to the company's assets in the wake of the administration.
____________________________________________________________________________
Related news:
How to profit from buying a distressed business
The business specialises in Project Management, Cost Management, Quantity Surveying, Building Surveying, and Asbestos Surveying. The Company provides expert and professional Construction Consultancy Services to the private and public sectors, includi...
The company is a well-regarded provider commercial and industrial property maintenance services and domestic landscaping services, providing continuity throughout the year. Operating for almost three decades, the business has developed a broad range...
Established name within the Kitchen & Bathroom design and Installation sector. Offering wide and varied customer base with healthy order book.
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.