A courier company has expressed frustration at not receiving a penny from failed Peterborough-based RA Transport Services after the economic downturn wiped out any available funds for creditors.
Letchworth Couriers says it has become cynical about receiving payments due from businesses that go to the wall because of the sheer number of companies that leave nothing after costs have been taken out.
RA Transport Services, which ran a Business Post franchise, entered into a corporate voluntary arrangement with Baker Tilly Restructuring and Recovery last year after it lost its biggest customer and struggled to trade.
It was hoped that a sale of the property would allow creditors to be paid off, but a sudden decline in the commercial property market meant it ended up being sold for just £400,000 – thousands less than was originally estimated. This meant other transport firms watched a possible dividend of 67p in the pound dwindle to nothing.
Letchworth Couriers was owed £2,400, and director Barbara Moss says: "It's very frustrating when you have done work in good faith and you end up out of pocket. Unfortunately, it always ends up with the same story and you end up jaded."
RA Transport Services director Bob Ambrose says he feels sorry for creditors, but adds: "I spent 19 years of my life building that business up from scratch, from one person and myself to 60 staff and sales of over £4m.
"The only thing I had left of value was the unit I operated from. I was left with nothing."
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