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Hauliers fear the worst after incineration firm collapse
Page 8
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By Chris Tinuati LIVESTOCK HAULIERS left high and dry following a Somerset incineration plants move into administration are not pinning their hopes on receiving money owed to them despite the company being up for sale.
Pricew ate rhouseCoopers (PWC) confirms it is trying to find a buyer for Frome-based Wessex Incineration, which had a government contract to collect and dispose of fallen stock. CM understands it subcontracted work to 16 hauliers, many of whom are pessimistic about their chances of recouping the thousands of pounds they are owed.
Charlie Martin, for Essexbased W Martin & Son, says he is owed £60,000. "It's a substantial amount. I have bills to pay. We are building a new waste building, which Wessex said we had to get. Other companies have gone out of business because of this. We're still trying to pay for diesel and pay wages like everyone else."
A PWCspokeswoman would not comment on the financial state of the company when administrators were brought in on 16 September. However, accounts filed at Companies House show that for the year ending 31 December 2007 turnover had more than doubled to £4.6m and a £711,000 loss in 2006 had converted into a £1.1m pre-tax profit.
The PWC spokeswoman says: "The directors requested the administration because an incinerator broke down and they did not have the funds to repair it. We are looking for a buyer, but we are not in a position to tell you whether creditors will receive their money or the extent of creditors' debts."
She adds: "As administrators we are looking to maximise the amount we secure for this business, so we can't release information into the market that could influence that."
Licensed Animal Slaughterers and Salvage Association chairman Rob Green says that a meeting between hauliers will take place this week.
"They are bound to be worried and annoyed," he adds. would like to hope they can sell it as a going concern and get a lot of money from it and that our members get something back."