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Cumbria's Barnett & Graham closes following cash crisis
Page 7
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A LONG-ESTABLISHED Cumbrian haulage firm has closed down following a cash crisis.
Penrith bulk and powder specialist Barnett & Graham was placed into administration late last week. Michael Kienlen of Carlisle firm Armstrong & Watson has been appointed administrator.
The most recent accounts for Barnett & Graham reveal that the firm has been in the red for the past two years; last year it lost nearly £130,000. Directors Arthur and Richard Hewetson had warned about its future.
The firm had recently attempted to boost its cash-flow through refinancing agreements with a Manchester lender.
Its subsidiary, MAN-LRF dealership Borderman Trucks, is expected to follow Barnett & Graham into administration later this week, although industry insiders are confident that the dealership will be rescued from final closure, Borderman is especially important for the MAN-ERF network as it handles much of the MAN servicing for Cumbrian haulage giant Eddie Stobart. Borderman's last accounts showed it to be technically insolvent.