St Albans haulage company goes into administration
- Credit: Photo courtesy of Bill Chippington Haulage
A MAJOR St Albans haulage company has announced it is shutting down today (Friday) after nearly 40 years trading in the district, with the loss of 53 jobs.
FRP Advisory LLP, the restructuring firm, has confirmed that Bill Chippington Haulage has ceased trading and as of today entered into administration with the appointment of joint administrators Peter Wastell and Michael Young, partners at FRP Advisory.
The company had been trading from its Valley Road industrial estate premises in St Albans since 1976, as well as from a site in Corby.
Peter said that Bill Chippington had been “struggling” with its financial position for a prolonged period.
He explained: “Refinancing options were explored as was the viability of selling the business as a going concern but, regrettably, the business has ultimately had to shut down with the loss of 53 jobs across the company’s two trading sites.
“The economic climate for UK haulage companies has been and continues to be tough.”
FRP Advisory is now taking steps to dispose of the haulage company’s assets including its fleet of vehicles, to maximise the return for Bill Chippington’s creditors.
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Peter added: “A small number of staff will be retained in the short term to assist the joint administrators with the winding up of the company’s affairs over the coming weeks.”
According to one of the company’s past newsletters, Bill Chippington drivers received top marks for courtesy in a 2007 customer survey with a 90 per cent success rate for being polite and courteous.