Steve Prince Transport fails to meet CVA terms
The business and assets of Braintree-based Steve Prince Transport have been sold to Specialised Pallet Transport after the former business entered administration.
Joint administrators Wayne Macpherson and Jamie Taylor at Begbies Traynor were appointed to the haulage firm on 22 November by a secured creditor.
Steve Prince Transport had been trading through a company voluntary arrangement (CVA) since March after being hit by high fuel prices and several customers entering administration.
However, Begbies Traynor said the level of turnover achieved after the start of the CVA was less than that predicted and the company struggled with its obligations under the arrangement.
“The company’s business and assets were sold to Specialised Pallet Transport on 27 November, saving more than 50 jobs in the process, ensuring continuity of the pallet networks operated by the company and achieving a greater value for the body of creditors as a whole than would have been achieved in a winding up,” said a Begbies Traynor spokesman.
Steve Prince Transport general manager Ron Prince is registered as the director of Specialised Pallet Transport.
According to Applications and Decisions for the South East and Metropolitan traffic area, conditions attached to Specialised Pallet Transport, state that Steven Prince must not act as a director, transport manager or be responsible for the management of the new operation without written agreement from the traffic commissioner.
Steve Prince Transport operated within Fortec and the Palletways networks, as well as being a Hazchem member.
Specialisd Pallet Transport has a licence for 23 vehicles and 28 trailers at the same Braintree operating centre as Steve Prince Transport.
Steven and Ron Prince did not respond.