Grab hire and muck away business Atlas Bulk Carriers has been sold in a pre-pack deal worth over £300,000 after it entered administration due to a downturn in the construction sector.
The Woking company had been trading profitably since 1989 – although its roots go back to 1972 – but according to insolvency practitioners at FRP it had recorded losses for the last two years.
It held a licence for 28 HGVs and six trailers operating out of Smarts Heath Lane in the Surrey town.
It entered administration on 27 July and on the same day a pre-packaged sale was agreed with Camberley based Farnham Grab Hire for £314,256.
The consideration for the sale, once unencumbered vehicles were removed, was £174,256 with a further £140,000 due in respect of hire purchase and lease vehicles.
“This was expedient to maximising realisations of the company’s assets across all categories, minimising the liabilities of the company, enhancing returns to creditors and potentially preserving the employment of the employees,” a report to creditors explained.
A six-month licence to occupy Atlas’ trading premises was also granted.
Farnham Grab Hire currently holds a licence for 12 lorries running out of a base in Blackwater.
