Gulliver’s Truck Hire set to enter administration

 

Gulliver’s Truck Hire has informed staff it has put the wheels in motion to appoint an administrator, due to “difficult trading conditions”.

In a letter dated 27 November and seen by CM, MD Philippe Harding explained that the directors had been trying to find a buyer of the rental business with its head office in Bristol, and that interested parties had been identified.

However, he added: “The company has been unable to secure the continued support of a small number of key creditors to allow sufficient time to progress that interest.

“As a result, the directors have had little option but to file a notice of intention to appoint administrators of court.”

He said the move would ensure Gulliver’s continued to trade as normal and he added: “However, in the lead up to the administration, the company will be operating within constrained cashflow in order to conserve the assets of the company in so far as possible for the benefit of creditors.”

Harding added that, if appointed, the administrators had already indicated they would continue to trade the business in order to secure its future. 

“The prospect of finding a buyer for the business is likely to be much greater with a stable workforce and I would ask for your continued support during this time,” he said.

The letter states that it is hoped a longterm solution will be secured within the next four to eight weeks.

The company’s last set of accounts, for the year ending 30 April 2017, showed that it had slipped into the red with a pre-tax loss of £224,826, compared with a profit of almost £4m the previous year. It attributed a decrease in sales to an oversupply of tractor units in the market place.

Harding declined to comment.