From the administrators' statement

The Company was incorporated on 25 February 2015 (having operated as a family run sole trader business for many years previously) and was as an international haulage company, providing refrigerated freight services from its base in Carmarthenshire, West Wales.

The Company had historically experienced operations and pricing issues with a major contract, resulting in accruing trading losses. This put a strain on the Company’s cashflow and caused issues with its payments to its creditors. Following independent advice from Abbey Taylor Limited, the Company entered into a Company Voluntary Arrangement (“CVA”) on 20 February 2020 with the objective of seeking a solvent financial restructuring of its affairs.

However, despite a revised pricing structure, improvements to operations and a streamlining of its customer base, the Company continued to generate losses. As a consequence, it was unable to make its required contributions to its CVA on time and also started to fall into additional arrears with its trade creditors, and especially with HM Revenue & Customs since the start of the CVA (and contrary to the terms of the CVA).

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Adrian Poole & Sons International Limited (09457352)

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