30.04.2012
PTS knocked down to directors?
A follow up to the PTS Hire bankruptcy in the UK, it seems that as is so often the case the directors/previous owners look set to pick up the failed company’s assets at a knockdown price and start up all over again, but with an on-going operation and cash flow.
While we do not have absolute confirmation, we understand that the directors that took PTS Hire into administration have already signed new depot leases, are the only prospective buyers with full financial information and are already in negotiations with the finance companies.
As a result it looks as though they will walk away from their debts, while keeping the on-going business goodwill.
The deadline to outside buyers fell due on Friday with the administrators unable to provide full and specific financial information on the failed business, which would have allowed a prospective buyer to make a sensible offer.
Click here to see PTS calls it a day
Vertikal Comment
PTS Hire traditionally relied on re-rent for around half of its access rental business, and yet has walked away leaving a good number of rental company suppliers with bad debts. This could make it difficult for them to any better with the business a second time around?
Hopefully though the new company will focus on service and quality rather than low rates, in order to avoid a repeat in a couple of years or so. We hope to hear specific news and details of the new operation shortly.
12345
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woo woo
I hope the bald black belts twitch has now got twice as bad with the stress of it all.
woo woo
robbing bastards
burned-creditor78
It is hoped that the directors of PTS reborn have learned a lesson about business economics. However, it is hard for me to understand how supposedly experienced directors can make such fundamental mistakes. So fundamental that it is doubtful that they actually understand why they went bust.
You cannot compete with HSS on price when you are 100% borrowed. You cannot give away transport free or £15 each way when your 26 tonner is costing you £450 a day to run. You cannot put your men in executive cars from day one. Our company was taken for a few thousand by this crowd and this has taught us a lesson.
I hope that other hire companies will think twice before offering them rehire supplies in future, unless, that is, they offer director's personal guarantees.
A burned creditor.