David Menzies and Ken Pattullo of Begbies Traynor were appointed as provisional liquidators of the 39 year old family business, Ross and Bonnyman based in Forfar, Angus on Thursday 2 February 2012.
Located on Roberts Street, the former £7m turnover company is one of the UK’s market leaders in the design and manufacture of lifting solutions and specialist products including yard lifts, mezzanine lifts, dock levellers, lifting decks, ambulance lifts and access ramps. The company supplies the distribution, retail, service, food and drink, and rental sectors as well as local authorities. Its products can be found on commercial and passenger vehicles throughout Europe.
“It is very sad to see the end of such an established company and it will be a great loss to the local community,” commented provisional liquidator Ken Pattullo. “Although we are still trying to establish fully the circumstances behind the company’s financial difficulties, we believe the problems have stemmed from an inability to adjust the overhead base quickly enough following the sale of the commercial vehicles spare parts division of the business last year to Ratcliff Palfinger, together with a reduction in orders due to retail superstore and warehouse expansions being slower than anticipated and public sector spending cuts affecting the ambulance lifts part of the business.”
The company employs about 80 staff at its factory and head office in Forfar.
Provisional liquidator David Menzies added, “While it is inevitable that we will have to make redundancies, we are hopeful that with such a well known brand and leading products in the lifting solutions sector, we will be able to achieve a sale of the assets and business. We have already had a number of enquiries, but in the short term we cannot continue trading the company due to lack of cash flow to pay employees and suppliers.”
Ken joined the Glasgow office of Begbies Traynor in 2003, before overseeing the firm's expansion into further offices in Edinburgh, Dundee, Aberdeen and Belfast. He previously worked at KPMG, Ernst & Young and PricewaterhouseCoopers in Scotland. He has a broad range of experience in Corporate Rescue and Recovery, as well as in turnaround and restructuring, corporate and personal insolvency, investigations and IBRs.
Specialisms: Licensed trade, haulage, property investment/development, construction, agriculture engineering/manufacturing.