Samuel Cooke & Co and Company Fuel Cards Calls in Administrators
Paul Flint and Brian Green from KPMG’s Restructuring practice have been appointed joint administrators to two Burnley-based businesses, Samuel Cooke & Co and Company Fuel Cards Limited.
Samuel Cooke & Co is an independent distributor of fuels and lubricants to the residential and commercial markets, while Company Fuel Cards Limited is a provider of fuel cards to commercial customers. In total, the two businesses employed 98 employees at their base in Burnley. Unfortunately 86 members of staff have been made redundant as a result of the administration, with 12 staff retained to assist the administrators.
Paul Flint, associate partner at KPMG and Joint Administrator, commented: ““The business suffered an unexpected loss in relation to a specific group of customers that impaired asset value and, as a result, placed the business under a significant cash strain. The directors reported this position to the police and it remains under investigation. This unfortunately had a knock-on effect on its sister company, Company Fuel Cards Limited. Regrettably, despite the best attempts of the directors to recover from the situation, they have been unable to find a solvent solution to allow the businesses to continue to trade.”
Shortly following their appointment, the administrators completed a sale of the customer list of Company Fuel Cards Limited to Direct Fuels Limited. Direct Fuels Limited and its associated company, Fuelplus (UK) Limited, will continue to supply fuel to customers of Company Fuel Cards Limited following completion of this process and confirm that there will be no disruption to the supply of services.
The administrators are now seeking buyers for the remaining assets of Samuel Cooke & Co Limited while they undertake a formal wind-down process.