The business operated by Westram was originally founded over 30 years ago. It has transported all types of containers, cabins, mobile homes and cranes. It also carried out transport for all the major buildings manufacturers to sites within the UK.
All 72 permanent jobs have been saved at the specialist Lincolnshire transport company, Westram Limited. Since being bought out of administration for £1.2m.
The Scunthorpe-based business is well known for the transport of abnormal loads as a result of over 30 years of operation. After a period of marketing, Hexagon Leasing Ltd, a Derby-based independent provider of contract hire and fleet management services (a significant creditor of the company) and Modular Movements Ltd (an associated company of Hexagon) stepped forward to make an offer to acquire the company’s business and assets. Thereby preserving the future of the business and the 72 employees’ jobs. Consequently, Hexagon acquired the debtor’s ledger and tangible assets and Modular acquired the intangible assets and the employees.
On 15 July 2014, Kelly Burton and Joanne Wright from insolvency and business turnaround specialist, Wilson Field were appointed. As a result of HMRC issuing a Winding up Petition when a “Time to Pay” scheme failed. Tax arrears accrued when the company faced cash flow problems following difficulties managing a substantial contract. This was also as a result of complications with the company’s debtor ledger.
Wilson Field worked closely with business support and restructuring partner Ben Slack from Leeds office of lawyers, Addleshaw Goddard.
Working to find a buyer, pay the secured creditor in full and secure the jobs in two weeks. Due to the business boasting a significant number of long-serving, employees.
Kelly Burton, Associate Director at Wilson Field in Leeds, said: “It is always sad when an established business runs into difficulties, but very rewarding when the outcome means that the business will continue and all 72 jobs have been preserved”
“Upon appointment, we reviewed the company’s operational position, discussed the options available with the directors and were able to strike a deal with Hexagon and Modular. As a result of this, the business now has a promising future and its employees can look forward to new horizons.”
It has transported all types of containers, cabins, mobile homes and cranes. It has carried out transport for all major buildings manufacturers to UK and many European sites. This includes 3,000 modular buildings to all Olympic London 2012 sites.