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.
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:
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......
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
Might finally free up all the derilict mill buildings for development if we were not stuck with the fuel and gas storage depots.
:-( 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.
I don't think the 'derelict mill buildings' have anything to do with Macaskill Haulage
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