Haulage firm blames another transport company it wanted to buy for its problems

A Manchester haulage firm has been saved according to Motor Transport’s news website after it went into administration last month.

Writing on the website Chris Tindall said: “General haulier Stanian Transport, which held an O-licence for 35 trucks and 50 trailers, appointed administrators Alvarez & Marsal Europe on 18 November.

“Director Theresa Chambers told MT that its failure was not down to anything it had done wrong and that it had been trading ‘as normal’.

“But she added: ‘The catalyst was the aborted sale of another haulier.

“’They were selling up, they wanted someone to buy it off them. We did due diligence, put the money up and purchased it and then they came back and said they’d changed their mind.’”

The report in the online trade publication said that Chambers had declined to name the business but said that Stanian Transport had spent £800,000 on the deal and it had signed all the relevant documents and was now in litigation with the company.

Tindall said: “However, Stanian Transport’s business and assets have now been sold to HNC Transport, which Chambers said has ‘a link’ with Stanian and jobs have been preserved.”

Ian Carrotte of ICSM Credit said: “The saga sheds light on what can be an opaque world of administration with large amounts of money involved, jobs at risk but opportunities for firms looking to acquire new business. Whether all the jobs are saved and Stanian can continue in the long term remains to be seen.”

ICSM Credit has seen a rise in the number of haulage firms getting into difficulties with members of the credit intelligence group reporting on hauliers and their customers struggling in a difficult financial climate this year.

For the full article visit https://motortransport.co.uk/blog/2019/12/01/stanian-transport-rescued-from-administration-after-costly-failed-takeover/

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