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Second start for Swindell
Page 18
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• North Western Licensing Authority Martin Albu has granted B Swindell (Warehousing) a new national licence for five vehicles and 10 trailers. The company is run by Brian Swindell whose previous haulage operation, B Swindell (Haulage), went into liquidation.
It was said that Swindell's accountant had advised the company to buy new vehicles just as the interest rates started to rocket.
The bank would only allow a £100,000 overdraft although the company's turnover had been in excess of Om; rising dery prices in the wake of the Gulf war finally tied its hands
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behind its back, said Swindell.
The overdraft exceeded £150,000, although the firm was owed £400,000 and the bank "pulled the blanket out from under us", he said. B Swindell (Haulage) was still in the hands of the liquidator and Swindell had been told there would be a dividend when the company's affairs had been sorted out.
He said that he had been approached by companies who still wanted him to carry their goods. When B Swindell (Haulage) was auctioned off he bought four vehicles, plus a number of trailers and equipment.
Swindell said the buildings were owned by B Swindell (Warehousing), which has always traded profitably.
In granting the new National operators application Albu said that he hoped a close eye would be kept on the company's cashflow.