CVA fails to save part of the Ipswich based company

The East Anglian haulage outfit Green and Skinner has collapsed due to ongoing financial problems. The Ipswich firm laid off its 66 workers earlier this month according to Sarah Chambers of the Ipswich Star news site.

She said: “A total of 43 workers at Green and Skinner (Haulage) Ltd were told on Wednesday (November 13) they had lost their jobs as insolvency practitioners were called in "due to ongoing financial difficulties", and it is expected to go into liquidation within two weeks. Another 23 workers at sister company Dooley Rumble were laid off in October, and that business is in the process of being liquidated.”

Earlier this year the James Dolan Group owners of their subsidiary Green and Skinner had applied for a company voluntary arrangement (CVA) to bring stability to the haulage empire. The James Dolan Group consists of James Dolan Limited and subsidiaries, Green & Skinner (Haulage) Limited (GSH) and Dooley Rumble Group Limited (DRG). Under the CVA the firms were restructured with a fleet of 50 trucks.

It consisted of four main trading divisions - Freight Forwarding, Warehousing, Distribution and Export Packing - with a fleet of 50 and was restructured as part of the CVA. Clearly the arrangement has not stood the test of time with the new set up only lasting a few months before the end.

Chris Tindall of Motor Transport Magazine wrote: “The company, which specialised in container transport and was acquired by the James Dolan Group in 2016, is expected to appoint FRP as joint liquidators in the next few days. The closure of the 60-year-old business follows the appointment of FRP as liquidators of another James Dolan subsidiary, Dooley Rumble Group, on 6 November. Also headquartered in Ipswich, Dooley Rumble provided distribution, warehousing and freight forwarding services to clients across the UK.”

Ian Carrotte of ICSM Credit said it was a story illustrating how once a firm gets into trouble it can be impossible to trade its way out. He said: “Tight credit control is key in this period of economic uncertainty and the issue is often once firms have problems with debt then getting back on an even keel is extremely difficult. Joining ICSM Credit allows firms to use our debt collecting services in order to increase cash flow and improve their financial position.”

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

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