From the administrators' statement

The Company was incorporated on 30 September 1996 as a family run business specialising in collection, treatment and disposal of hazardous and non-hazardous waste It was based in Honiton, Devon, but operated facilities in Plymouth with depots in Poole, Portsmouth and Avonmouth

The Company began to expenence financial difficulties as a consequence of a significant drop in demand from one of the Company's biggest customers, Perenco, who previously referred work to the Company tn the region of £250,000 per month, but this had dropped to approximately £25,000, significantly reducing the profitability Recent fluctuations in oll pnce also adversely affected Company's profits, as tt had previously generated good margins by selling the oil from recycled waste

In January 2016, the Company obtained a loan of £250,000 from The Funding Circle to acquire state of the art powder tankers to expand their service offenng, however this further increased their financing obligations which already totalled £60,000 a month in respect of their vehicle fleet alone The Company was also neanng the limit of its overdraft facility with the Bank Furthermore, the weekly payroll was around £30,000 and month end salanes totalled some £80,000 for the workforce of over 90 employees As a result, the Company experienced increasing cashflow difficulties and management accounts showed an operating loss of £174,000 in the sx months to 31 March 2016, subsequent forecasts further showed a declining trend

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Bale Group Limited (03256631)

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