P LIQUIDAM
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Freight Shepherd went into Liquidation owing more than E500,000
A SERIES OF LARGE had debts pushed Oxford haulier Freight Shepherd into liquidation, owing creditors more than £500,000, according to its former director.
The firm's statement of affairs shows it owes creditors a Lola] of £582,043, but the majority of this relates to vehicle leases; trade creditors are owed £66,072; the total deficiency is £500,451.
Freight Shepherd director Peter Bennett explains: "Around 18 months ago we were hit with a debt of £125,000 by one retail customer that went into administration. This followed with us being burdened with a number of other debts, and then finally we lost a major contract. It was the big, bad debts that really pushed us to the edge."
At its largest. Freight Shepherd was running 55 vehicles and 39 trailers, however, this had dwindled to 10 HGVs.
Some of the 13 employees made redundant, including Bennett, were offered a lifeline by neighbour Verran Freight, which took over the customer list and a number of staff (CM 7 October).