Saltco Ltd (03148070): administration
- Status
- Administration ended
- Administration began
- 2014-06-05
- Administrators
- Engin Faik
- Administrators' firm
- Cornerstone Business Turnaround and Recovery
- Incorporated
- 1996-01-18
- Location
- London
- Industry
- 52290 Other transportation support activities
Why it went into administration
- HMRC / tax arrears
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 18 January 1996 with its business split mto two areas: Special Needs transportation services for local authorities and executive & chauffeur-driven vehicles. The business was formed by the current directors’ father in the 1970s and, after he suffered a bout of ill-health, his sons Paul and Neil Kelly decided to continue the family business through Saltco Limited The Company principally traded under the trading style, Kelly Executives from leasehold premises at Bellenden Busmess Centre, London, SE15 4RF.
The Company traded successfully for the first 15 years or so. At its height, the Company retained over 100 staff, the majority of whom were drivers. The Company’s client base included local authorities for its minibus service which mainly carried special needs passengers. On the executive vehicle arm of the business, clients largely consisted of 4 and 5 star hotels m and around London, particularly mn the West End.
The Director, Paul Kelly, has provided the following statement in relation to the Company’s history and the events leading up to the Admirustration:
Administrators' statement of proposals (2014-08-04) · Companies House register