SFP completes sale of ARC Fleet Solutions
ARC had an annual turnover of approximately £1.7 million and offers fleet hire for cars and vans from its Nottingham base. It experienced cashflow problems that led to debts of more than £150,000.
SFP’s Simon and Daniel Plant – both licensed members of the Insolvency Practitioners’ Association (IPA) – were appointed Joint Administrators on 23rd November 2011.
Simon Plant, Group Partner at SFP, said the fleet hire sector is extremely competitive with the cost of fuel having an impact on businesses, so firms need to be mindful of the amount of cash available to keep themselves afloat, adding that: ‘ARC had cashflow difficulties and, following discussions with several interested parties, we completed a sale of the business and assets on November 25.