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”.
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Related information:
Historic list of waste companies in administration
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