More details emerge on Cartwright’s collapse

Cartwright’s administrators have published a report into its demise and various sell-offs.

They say Covid-19 obviously had an impact, but group margin had already been hit due to loss-making contracts in its largest division. Covid pushed it over the edge.

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However, it also says an interim finance director conducted a review of balance sheets and said there were “inaccuracies” in the information. This also put interested parties off a solvent sale of the business.

There is an estimated £50m in unsecured claims across all the companies, but the administrator estimates there could be enough funds to make distributions to them.

The post More details emerge on Cartwright’s collapse appeared first on Motor Transport.

Cartwright’s administrators have published a report into its demise and various sell-offs. They say Covid-19 obviously had an impact, but group margin had already been hit due to loss-making contracts in its largest division. Covid pushed it over the edge. Read more Cartwright Conversions sold to Trek Group Former Cartwright employees take legal action after trailer builder goes into administration Cartwright Group collapses with 490 jobs lost and fleet and rental arms sold to Zenith However, it also says an […]
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