86 jobs lost as Burnley fuel firms enter administration
TWO Burnley-based businesses, Samuel Cooke & Co and Company Fuel Cards Limited, have gone into administration with the loss of 86 jobs.
Samuel Cooke & Co is an independent distributor of fuels and lubricants to the residential and commercial markets, while Company Fuel Cards provides fuel cards to commercial customers.
The two businesses employed 98 people in total at their base in Burnley, but 86 staff have now been made redundant as a result of the administration. Twelve staff have been retained to assist the administrators.
Paul Flint and Brian Green from KPMG’s Restructuring practice have been appointed joint administrators for the two firms.
Mr 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. 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 Company Fuel Cards’ customer list to Direct Fuels Limited.
Direct Fuels 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 has said there will be no disruption to the supply of services.
The administrators said they are seeking buyers for the remaining assets of Samuel Cooke & Co Limited while they undertake a formal wind-down process.
