Crossways finances were in critical state
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By Chris Tindall HAMPSHIRE’S CROSSWAYS Transport has gone out of business due to a signiicant reduction in customer demand and rising fuel costs.
Recovery and insolvency irm FRP Advisory was appointed on 10 May when the Hook-based textile and agricultural transport company went into voluntary creditors liquidation (CM 25 May).
The insolvency practice says all nine employees were made redundant. It adds that the company’s assets are being sold to recover as much value as possible for creditors, who are thought to be owed around £100,000.
Joint liquidator Peter Hollis says: “Sadly, the business is not salvageable due to its critical inancial position. It had suffered signiicantly from a fall-off in customer demand, coupled with spiralling fuel costs. The only option available to us was to liquidate the company, with the aim of trying to recover monies on behalf of creditors.” Crossways Transport has a licence to operate eight vehicles and 11 trailers.