11.04.2012
PTS Hire calls it a day?
UK based rental company Plant Access and Tool Solutions Ltd, which trades under the PTS Hire banner and is based near Leeds, has appointed corporate rescue and recovery specialist/insolvency Practitioners Begbies Traynor as part of some form of administration or company voluntary liquidation process.
We understand that the paperwork was filed late last week, with most creditors receiving their letters from Begbies Traynor this morning. A simple credit check reveals that the company, which was founded in March 2009 by a number of ex HSS managers, has not been paying its suppliers properly for more than a year.
The directors of PTS Hire are Paul Nolan, who was chief executive of HSS until mid-2006, when he was replaced by the current incumbent Chris Davies, Steven Sutch, Peter Child and Louise Barker. They are also shareholders along with five others.
Please register to see all images
PTS Hire's base
We understand that Begbies Traynor will be sending out further information on this insolvency later today. In the meantime the company as of results filed last March had a negative net worth of £157,000 and a negative working capital.
PTS advertised a wide range of access equipment on its web site from low level platforms and ladders to 25 metre telescopic booms although much of this was re-hired and a number of access rental companies are creditors.
Vertikal Comment
We understand that there are talks going on regarding some form of arrangement and the business continues to trade.
Regular creditors have been given little information, and have not been offered the opportunity to propose an alternative plan which might be more attractive to the creditors. We know of at least one seriously interested party, who has expressed an interest in the business.
If the existing management is allowed to walk away from the debts that have ben accumulated and then pick up the business assets in an exclusively brokered 'cosy' deal it will surely be a dereliction of duty on the part of the administrators?
woo woo
Ow bowers you want to look in the mirror.
Pay your own bills before you accuse others.
from a guy who was shafted by lifterz
vertikal editor
We have received a copy of an open letter sent by Malcolm Bowers to Ryan Holdsworth of insolvency practitioners Begbies-Traynor, which is handling the ‘restructuring’ of UK rental company PTS. We publish it in full and unedited below.
Dear Ryan
In my role as chairman of LSG Industrials Ltd., an investment company with interests in the equipment rental sector, I express our firm interest in purchasing the assets and interests of Plant Access & Tools Solutions Limited T/A PTS Hire..
In my other role of director of Lifterz I am also a creditor of this company and can assure you that there is a very wide concern about this business, its wild and overly ambitious plans and how it managed to become bankrupt in only three years. Its present management must be questioned as to their competence and should not be given an exclusive opportunity to start over again by walking away from their debts.
As a creditor I expect you to act in the best interests of the creditors and not the directors who have done so much damage in such a short time.
This expression of interest will be made public through the trade press.
Kind Regards
Malcolm Bowers
Director
GtheG
As a creditor we phoned their usual number and was told they are open as usual - same people same place same number but they have just dropped the word Access from their title. Its time something was done about people like this they dont care how many companies or sole traders they take down. Its discusting.