Following the appointment of Joanne Hammond and Kris Wigfield of Begbies Traynor as joint administrators of 4 Seasons Beer Tent Co (trading as Ningbo Walking Floors) on January 17, 2023, a sale of the business and assets has been completed, saving all 38 jobs.
Established in 1994, the family business initially provided marquee hire and operated outside bars for public events, but subsequently began to operate as a specialist haulier of recycled and waste materials.
With a team of 31 drivers and seven support staff, the company operates a fleet of walking floor trailers and transports bulk waste nationwide.
Ningbo Walking Floors began to experience financial difficulties as result of the Covid-19 pandemic which caused significant losses. With mounting HMRC liability and rising insurance costs, the company did not have sufficient cash flow to continue trading.
The business was subsequently marketed, and a pre-package sale was completed to Stockton Property Limited (SPL) on January 17 saving all jobs and maximising return for the creditors.
Joint administrator, Hammond said: “Unfortunately, like many sectors, the haulage industry underwent a tough couple of years with the disruption of Covid lockdowns, and this, combined with historic HMRC debts, rising overheads and the need to repay CBIL loans, pushed the business into insolvency.
“The sale is the best outcome for staff and creditors, enabling the business to continue trading in the hands of an experienced management team.”
Comment as guest
Comments
No comments have been made yet.