The parent company of collapsed freight forwarder Anglo Overseas has blamed UK customs, its factoring company and even a pensions black hole for its collapse. Anglo, which traded from 15 sites across the UK, was placed into administration on 16 January by its parent company, Brussels-based Ziegler Group. It means that around 200 haulage subcontractors are now out of pocket with little or no chance of ever seeing their cash.
Additionally, subbies have been angered by the fact that shortly after the administration, Ziegler UK stepped in to buy seven of Anglo's profitable sites from administrator Vantis. But in a leaked e-mail from owner Arthur Ziegler, he blames the closure on a host of factors, including:
A fine of £1.5m from HMRC for duty evasion on several loads of whiskey subcontracted by the firm. Although the company was not implicated in the crime, it was still fined. Ziegler claims the fine was "disproportionate", but says the company did not appeal for lack of funds.
A pension deficit requiring the firm to pump in an extra £650,000 a year to top it up. The company's factoring company Five Arrows, which reduced the factoring limit t0 to £500,000 and greater amounts to pay back. He says the losses at Anglo left it unable to find another factoring firm.
Ziegler says that the 2009 budget for Anglo projected a loss of around £1.1m, hence the company was forced into liquidation.
In fact, Anglo had been losing money for the past two financial years: in its accounts for the year ending 30 June 2007, it showed a pre-tax loss of £2.6m, the year before it made a pre-tax loss of £3.3m. The directors' report adds: "The results for the year were considered disappointing, but the directors are endeavouring to rectify the unsatisfactory results."
One owner-driver says he is owed in the region of £84,000 from Anglo and has had to remortgage his house. He adds that he will never work for a Ziegler company again. Ziegler also trades as Dornack and Leman in the UK.
