Mercury Speedlink
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NAL fails with £5m debts by Rob Willock • Troubled parcels firm Mercury Speedlink of Rugby unexpectedly went into liquidation last week with debts of £5m, leaving a string of "shocked" franchisees with substantial losses.
The company's 50 franchisees were notified by fax on Tuesday 23 September that Mercury Speedlink was winding up its operations. They were given no reason for the move.
At the Bristol franchise alone, losses total £50,000. Salesman Andy Storey says: "We're all in shock—nobody knew this was going to happen. We were told we'd be paid in full on Wednesday, but the plug was pulled on Tuesday."
An angry spokeswoman for the Durham franchise says there are a lot of unpaid bills. "We're still operating," she says, "but we've pulled all the Mercury Speedlink stickers off our vans."
Many of the franchisees are now hoping to buy into other parcels firms.
Trunking operators also appear to have lost out. But Birmingham-based Ponsonby's, which operated Mercury Speedlink's Scottish run, declined to comment on the liquidation. Mercury Speedlink's owner, Richard Gabriel, reportedly told some franchisees that he had sold another of his businesses for £20m, some of which he was planning to invest in the parcels company. But, facing a £105,000 writ from one creditor, Gabriel is said to have decided to throw in the towel.
fl A creditors' meeting is scheduled for 21 October. Gerald Krasner of Leeds accountants Bartfield & Co has been appointed as liquidator; contact him on 0113 244 9051.