Cheque guarantee firm in administration

A SOUTHPORT business that specialised in offering cheque guarantee services has gone into administration.

Formed more than 20 years ago, Chequespread offered a variety of transaction guarantee and payment services for companies of all sizes.

Joint administrators Sarah Bell and David Acland at the Preston office of the accountancy firm Begbies Traynor are now handling the affairs of the business.

They could not be reached to comment about Chequespread’s future. According to the company’s latest filed accounts for the year to March 2008 it employed 34 staff.

During that year turnover halved to £923,000 and the company posted a pre-tax loss of £112,000, although it had reduced its losses from £688,000 the previous year.

The directors acknowledged the decline in trading but said they were optimistic for the coming year due to the presence of “quality contracts and new customers”.

They added: “In the opinion of the directors the company has sufficient resources to continue trading at, and above, current levels of activity.”

The majority shareholders were Patricia Curtis and Nicholas Reynolds, although Mr Reynolds resigned as a director in April.