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.
Mayor's plan to double London road spending given the green light
The Transport for London (TfL) board has approved the 10 year Business Plan set out by the Mayor of London, which includes plans to double road spending during the next decade.
The Mayor’s Roads Task Force, which will advise Mayor Boris Johnson on developing London’s road network, will now set out its specific priorities for road investment in the coming year.
Likely measures include reducing congestion by increasing the number of variable message signs at junctions and improving traffic light sequences within the capital.
TfL's own research has already identified road spending is among London businesses’ top concerns, with a sample of 68 of TfL’s key business stakeholders citing that road spending was among their top three investment priorities.
95% of the businesses surveyed by ComRes for TfL also said that any cuts to transport investment would damage their prospects in the long term.
London’s Transport Commissioner Peter Hendy said: “Businesses in London recognise that stable and sustained investment in transport infrastructure is vital to drive economic growth in London and across the UK. It also supports jobs and manufacturing up and down the country- particularly in the East and West Midlands, North West and Yorkshire.”
TfL is planning to negotiate with the government for funding beyond 2014, when its current funding commitment comes to an end.
The previous 2009/10 Business Plan, which set out its transport investment plans up until the 2017/18 financial year, committed TfL to £7.6bn in savings. It has already secured £9.8bn of these.