Insolvency practitioner SFP has appointed administrators for two waste management companies after they ran up debts of up to £500,000.
Devonshire-based skip hire and waste disposal company Antrac had accrued debts of more than £400,000, which led to its demise. At its height, the company turned over more than £2m and employed 28 staff. SFP is currently overseeing the sale of Antrac’s assets to pay off creditors. The majority of its assets, which include skips and waste disposal equipment, have been sold to a local skip hire company.
Meanwhile, All Transport Haulage Services is “the latest in a series of waste disposal, road haulage and transport sector businesses to fail in recent months”, according to SFP. The company, based in Ashford, Middlesex ran up £500,000 of debts because of high fuel prices and has ceased trading. At its peak it had an annual turnover of £2m.
Administrators Simon and Daniel Plant have been appointed to both cases. They were appointed to Antrac and All Transport Haulage Services on the 11 February and 14 February respectively.
Commenting on the administration of All Transport Haulage Services SFP group partner Simon Plant said: “The road transport and haulage industry has been hugely affected by the rising fuel prices, which are now at the highest levels for some time.
“We have already seen several companies in this sector struggle, and it highlights the need for such companies to work with an insolvency practitioner before difficult trading conditions become terminal. In this case the company’s debts were simply too large for the business to continue trading, but if we are to avoid further failures, companies must not be afraid to ask us for help earlier in the process.”