Bulmers Transport’s boss has revealed more details about the financial position of his old company Bulmers Logistics, which went into administration recently. Johnathan Bulmer is the managing director of Bulmers Transport, who acquired the trade and assets of Bulmers Logistics for an undisclosed sum after it entered a pre-pack administration on January 21, 2009.
Bulmer says that the debt of the old company was part of a pre-agreed facility and made up of £3million worth of hire-purchase agreements with Yorkshire Bank on 56 trucks. According to Bulmer, these agreements have been moved across to Bulmers Transport and will be honored by the new business. There is also £6.2million of invoice-finance debt – 85% of the actual and legitimate book debt at the time Bulmers Logistics ceased trading and this is fully recoverable. Bulmer says that he is fully committed to recovering this part of the agreement and that a significant portion has already been paid.
In addition, there is an overdraft facility of £500,000. Bulmer expects this is to be repaid from the 15% balance of recovered trading debt and the invoice-finance debt. Bulmers Transport is closing offices in Hull and Immingham, making approximately 50 staff redundant. The firm is also decreasing its fleet of vehicles by 40 to 144. However, 200 retained staff will transfer across to the new car transporter company.
