Hargreaves bought Barnes & Tipping for £290k

Commercial Motor

October 14, 2009

Hargreaves Services bought the assets of collapsed Lancashire haulier Barnes & Tipping (B&T) for just under £300,000, according to documents filed at Companies House by administrator SF Plant.

The Clitheroe-based firm went into administration on 5 March this year following a highly-geared buyout by Northern Irish haulier Kevin Tinnelly that left the formerly profitable company laden with debt.

Despite this, adminis-trators Simon and Daniel Plant managed to run the firm for just over two months and, according to their six-month progress report, "it looks to be the case that a small profit was generated during the period".

The business was eventually sold to County Durham-based Hargreaves on 12 May for a total of £290,000. However, £100,000 of this is being held in escrow pending the outcome of a legal dispute with former owner John Wood, who registered a charge against the company "in relation to the sale consideration he was entitled to for the transfer of his shares to B&T's parent company, Regal (GB)".

It adds: "The validity of the charge is presently being disputed by the joint administrators."

The report also says that all employees have transferred to Hargreaves under TUPE regulations.

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Hargreaves bought Barnes & Tipping for £290k

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