Samuel Cooke & Co in administration

Samuel Cooke & Co chairman and owner, Frank Carroll

Frank Carroll, chairman and owner of Samuel Cooke & Co

Burnley based fuel distributor Samuel Cooke & Co went into administration in late July.

The company’s staff were informed on 23 July that the majority of the 86 jobs had been lost as a result, although 12 were retained to assist the administrators.

Some customer dealings are now being investigated by the police, although no further details are currently available.

Administrator Paul Flint said: “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.”

“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.”

A statement on the company’s website read: “Paul Flint and Brian Green were appointed joint administrators of Samuel Cooke & Co Limited on July 23 2012. The company¬†has ceased to trade with immediate effect and the assets of the company are being earmarked for sale.”

Post a comment or leave a trackback: Trackback URL.

Post a Comment

You must be logged in to post a comment.