Hargreaves Services bought the assets of collapsed Lancashire haulier Barnes & Tipping (B&T) for just under £300,000, according to documents filed at Companies House by administrator SF Plant.
The Clitheroe-based firm went into administration on 5 March this
year following a highly-geared buyout by Northern Irish haulier Kevin Tinnelly that left the formerly profitable company laden with debt.
Despite this, adminis-trators Simon and Daniel Plant managed to run the firm for just over two months and, according to their six-month progress report, "it looks to be the case that a small profit was generated during the period".
The business was eventually sold to County Durham-based Hargreaves on 12 May for a total of £290,000. However, £100,000 of this is being held in escrow pending the outcome of a legal dispute with former owner John Wood, who registered a charge against the company "in relation to the sale consideration he was entitled to for the transfer of his shares to B&T's parent company, Regal (GB)".
It adds: "The validity of the charge is presently being disputed by the joint administrators."
The report also says that all employees have transferred to Hargreaves under TUPE regulations.
Reed Business Information Limited.©2009
