Tanker Solutions is placed into administration

Tough trading conditions claim another victim as specialist bodybuilder Tanker Solutions is placed into administration. It could now be wound down unless a buyer is found soon, according to one of its directors.

The Peterborough, Cambs-based independent firm, which services and repairs tankers, brought in insolvency practitioner Larking Gowen on 30 September.

Director John Weatherhead is reluctant to discuss the reasons behind the appointment, but confirms: "It's in administration. Jobs are being completed in the hope we find someone to continue it, though that's not likely in the current climate. I suppose it will be closed if [Larking Gowen] can't find a buyer in the next few weeks. I don't think we will be the first or the last."

Commercial Motor understands that Tanker Solutions employs 12 staff.

The company's last set of accounts for the year ending 31 March 2007 reveal that sales remained largely static compared with the previous year at £905,000. However, pre-tax profit fell by more than 76% to £10,500. Short-term debts increased by £50,000 to £228,000.

The notes to its accounts states: "The company has a deficiency of net assets amounting to £79,081. The financial statements have been prepared on a going-concern basis which assumes the continued support of the directors and the company's bankers."

Larking Gowen declined to comment.