Hope its not a repost.
He sounds like some cowboy transfering all those assets for £60k.
Northern Irish haulage firm Tinnelly International Transport (■■■) has become the latest haulage firm to enter a pre-pack administration and have its assets bought by a related company just hours later.
The Newry, County Down company went into administration on 24 February with Duncan Morris of the Redfern Partnership appointed as administrator.
But in a letter dated 3 March - just four days after he contacted creditors advising of his appointment - Morris says: “I write to advise creditors that the business and assets of the company were sold on 24 February 2009.”
The assets had been sold to Tinnelly Transport, a company owned and run by Kevin Tinnelly, who was also the owner and director of ■■■, for a total of £60,000.
The new firm was set up on 1 December 2008, initially trading as Tynan Contractors, but Kevin Tinnelly was appointed director on 5 February and it changed its name to Tinnelly Transport five days later.
Northern Ireland’s Department of the Environment (DoE) confirms that ■■■ relinquished its O-licence on 24 February, however, it did not receive an application for a licence for Tinnelly Transport until 6 March.
Although the DoE stresses that it has no evidence of a firm operating without a licence, and Motor Transport has no evidence of Tinnelly Transport running unlicensed vehicles, there was nonetheless a period of seven working days where neither business had an O-licence.
Kevin Tinnelly declined to comment on this issue.
Rumours had been circulating for some time that ■■■ was in financial difficulties, although this was always denied by the company.
However, ■■■ had not filed accounts since June 2007, for the period to 31 July 2006, and when it applied for a UK O-licence last year it was refused because it did not provide evidence of its financial standing, although Kevin Tinnelly denies knowledge of this.
Blaming the administration on the current “bad climate” and high fuel prices last year, Tinnelly says the pre-pack administration was “a last minute” option.
“We are trying to keep people in work - we have saved more than 100 jobs.” He adds: “I’m sure you have seen it with other hauliers. These are hard times at the moment. ■■■ is in administration and that’s where we are. I have no further comment at this stage.”
To further complicate matters, Clitheroe, Lancs-based Barnes & Tipping (B&T), another business owned by Kevin Tinnelly, went into administration on 5 March, with SF Plant appointed.
Tinnelly bought the business in May last year and used B&T’s own assets to finance the deal. The firm borrowed heavily - principally in the form of mortgages and loans - to allow Tinnelly, through his acquisition company Regal (GB), to buy the business from the Wood family Regal is also in administration. In all, B&T took on £3.2m of debt,which left it vulnerable to the deteriorating economic climate.
B&T was also facing a disciplinary public inquiry in the North-Western traffic area on 27 March, which is still scheduled to go ahead.
Kevin Tinnelly also set up another firm, Tinnelly International Transport (UK), on 10 February, and owns Staffordshire haulier Ron Marsh.
