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Macgregor Europe kilted off by massive turnover fall
Page 9
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THE ADMINISTRATORS of Nelson. Lancs-based operator Macgregor Europe have blamed its failure on the recession, particularly in the automotive sector, and the loss of a major contract.
In their statement of administrators' proposals, joint administrators John Titley and Andrew Poxon of Leonard Curtis say the firm suffered from a 20% fall in turnover during 2009 due to the economic downturn.
The statement adds: The company responded by reorganising its management structure and securing new contracts with a number of customers, but in late 2009, the company was severely impacted on by the loss of a key customer."
This caused trading losses and Macgregor fell behind with payments to HM Revenue & Customs and trade creditors; administrators were consequently appointed on 16 April.
Since 2008, the haulier, a UK Pallets member, had seen its gross profit margin fall from 35.3% to 4.4% for the 11 months ended 31 March 2010. Turnover had fallen from £3.7m to £2.4m and it had made a pre-tax loss in its last two financial years (£280,000 in 2009 and £243,000 in 2010).
The administrators estimate the firm's deficiency is £922,000, with £634,000 owed to trade creditors.