Mon, 27 Jul 2015 | DIVISION SALE
Border Traffic Service Ltd, a haulage and pallet business, looks set to be saved through a restructuring process after entering administration earlier this month.
Greg Whitehead of Northpoint Insolvency Practitioners was appointed administrator of the firm on 23 July. He set about looking at options to salvage what he could of the business.
Mr Whitehead commented: “The business had been trading through difficult times for a couple of years but the recent loss of a significant customer resulted in losses being made and the operation was no longer viable in its current form.
“I was introduced to the company’s management when a marketing effort to sell the company had attracted interest but no deal could take place due to the company’s insolvency making a share sale impossible.”
He explained that administration had enabled him to sell part of the business and its assets. Trade buyers bought out the haulage side of the business, which should ensure that around 18 out of the original 32 jobs at the firm are saved and there is also a “good prospect that trade creditors will receive some money back”.
The new owners are Kelso's Olivers Transport Ltd and Cockburnspath's Drysdale Freight Ltd. They established a joint venture and purchased the haulage division of Border Traffic under the new name Border Traffic Transport Ltd.
Kenneth Oliver represented the purchasers. He commented on the deal: “It was sad that the company itself could not be saved but that was not feasible in the circumstances however the transaction we have completed with Mr Whitehead has been a good outcome given the situation.”
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