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The truths they don't want you to read....

Wednesday, December 07, 2011

Another victim of the recession

I'm told that the Receivers arrived at MacAskill Haulage this morning, and whilst deliveries are being made today, ther is no guarantee of what is going to happen tomorrow.

It appears (and this is informed speculation) that the bank wanted borrowings reduced, but that the cash wasn't being generated to do this.

I am told that the business is asset rich and cash poor, and that it seems likely that the cash is there to pay back most if not all creditors.  This would seem to concur with the fact that the accounts are not overdue.

Hopefully something can be rescued from the wreckage.

5 comments:

Anonymous said...

Are the banks really happier to close down the business and asset strip rather than let it borrow against the assets and keep people working?
If only the public owned the banks......

Anonymous said...

Well, the assets certainly doesn't include the fleet- rough at the very best.... Everybody knows this has been on the cards- so sorry for the workforce

Anonymous said...

Might finally free up all the derilict mill buildings for development if we were not stuck with the fuel and gas storage depots.

Anonymous said...

:-( Damn. I knew some good people who worked for that company. That's a lot of families about to have an uncertain, sh*t, Christmas.

Anonymous said...

I don't think the 'derelict mill buildings' have anything to do with Macaskill Haulage