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THE FACTS ACCORDING TO ALEX RAWLINGS
Page 23
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awlings says he and Shahid bought all three haulage companies o build them up, but he blames the economic downturn for cuppering their attempts. He tells Commercial Motor the highly I veraged transactions left EFL, Eric Short and John Mack exposed the effects of the credit crunch and rising fuel costs and sterling's alue against the euro affected profit.
He won't comment specifically on the dispute with Hulme, but says: "We have signed a personal guarantee with him, so there's a personal cost there."
I Although Rawlings and Shahid used Boston & Maine, there was no question before the SFO investigation about its credibility. In fact, Rawlings adds: "We were looking to acquire businesses in 2007, we contacted a number of agencies and it [SW] was the most proactive of them all. We had between 15 and 20 interviews with finance firms. We haven't bought a business from them since."
He also says that he and Shahid have 2500,000 in personal guarantees. "It's not something either of us can walk away from, without it affecting us personally. There's always going to be people upset — we get upset with a bad debt."
Rawlings claims the assets and goodwill of Eric Short Haulage have been sold, but he was unable to provide details. Shahid did not respond.