The sale of Harveyson Haulage's business and assets after it entered administration last year saved jobs but is unlikely to rescue unsecured creditors, according to a new report.
At its height, the Norfolk-based waste and tankering business was making a turnover of £2m but a winding up petition served by HMRC due to historic trading difficulties led to it appointing administrators in July 2018.
Speaking at the time, the administrator Quantuma said Harveyson Haulage had lost a contract with London Transport, leading to “large losses”.
It added that “this was further impacted by a price increase of c30% in diesel which could not be passed on resulting in significant cashflow problems”.
The company’s assets were eventually sold in October of last year to HH Tankering Services - which shares two of the same directors - for £52,000.
In its latest report the administrator said the final payment for the sale, which also included 17 staff transferring over via TUPE, was due to be received by the end of last month.
Harveyson Haulage operated 15 lorries and 15 trailers out of premises in East Harling.
According to the Office of the Traffic Commissioner, the TC for the Eastern region is currently considering an application by HH Tankering Services to operate 15 HGVs out of the same premises.
The administrator’s report added that it was not anticipated that unsecured creditors, who have submitted claims for more than £518,000, would receive a dividend.
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