Ipswich: Jobs saved as administrators agree sale of United Lift Trucks
TEN jobs at a Suffolk-based fork lift truck specialist have been saved following its sale by administrators.
United Lift Trucks Ltd, based at Copdock, near Ipswich, was placed in administration on May 24, having encountered cash flow problems following the death of its former owner, Darren White, in January.
The business, which is involved in the sale, hire and servicing of fork lift trucks across East Anglia, has been purchased by Fork Truck Direct Ltd, based at South Woodham Ferrers, near Chelmsford.
Mike Dixon, director at Fork Truck Direct, said: “We see this as an opportunity to expand our operations. This will enable us to grow our business and we will continue to provide a quality service to the business’ customers with minimum disruption.”
Joint administrators Steven Law and Nigel Millar, from the East Anglian office of Baker Tilly Restructuring and Recovery LLP, said in a statement that the business had been established in 1997 and was acquired by Mr White in 2010.
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“Sadly, in early January 2012, Darren White passed away and it took a number of months before control could be restored to the company,” said a statement.
“During this difficult period, creditor pressure built up and the company experienced cash flow difficulties. In early May, Brian White, Darren’s father, who was executor of Darren’s estate, instructed Baker Tilly to assist to market the business for sale. After an extensive sales process they were able to successfully find a buyer for the business as a whole.”
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Mr Law added: “We are delighted to have found a buyer for this long established business. Although the company has entered an administration process, the sale has effectively rescued the business, saving all jobs.
“It is a good example of the positive work carried out by insolvency practitioners. I wish Fork Truck Direct Limited all the best with the acquisition”.