Cash crisis-hit Padiham firm axes 86 of its workers

Blackpool Citizen: JOBS LOST Administrators called into historic company JOBS LOST Administrators called into historic company

HISTORIC Padiham firm Samuel Cooke & Co has gone into administration with the loss of 86 jobs.

Administrators KPMG said a police probe has been launched into some customer dealings. But no further details have yet been revealed.

The company, which sponsored Burnley FC in their first season in the Premier League in 2009, informed staff of the news on Monday evening.

In a statement issued on Cooke’s behalf, the 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.”

Founded in 1845, the business became known as Samuel Cooke & Co in 1881, and went on to become one of Britain’s largest independent fuel distributors.

It acquired its current headquarters in Wyre Street in 1976 having bought out the William Hargreaves group.

As well as the distribution arm, Cooke’s sister company, Company Fuel Cards Limited, has also gone into admin-istration.

Direct Fuels Limited and its associated company, Fuelplus (UK) Limited, has already purchased the customer list of Company Fuel Cards Limited meaning there will be no disruption to the supply of services.

The administrators are now seeking buyers for the remaining assets of Samuel Cooke & Co Limited while they undertake a formal wind-down process.

Twelve staff from Cooke Fuels will be retained to assist the administrators.

Comments (3)

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5:06pm Wed 25 Jul 12

jaffa90 says...

Specific group of customers? Does that mean they didn`t pay for fuel?
Also i thought that new premises were/are been built on the Barrowford end of the by-pass?
Specific group of customers? Does that mean they didn`t pay for fuel? Also i thought that new premises were/are been built on the Barrowford end of the by-pass? jaffa90

6:41pm Wed 25 Jul 12

willybob says...

sounds like it. i got told they sent a 5 million pound delivery and the buyers have done one
sounds like it. i got told they sent a 5 million pound delivery and the buyers have done one willybob

2:07pm Fri 27 Jul 12

Ex-employee01 says...

It was a group of petrol stations around the Stoke-On-Trent area that provided fraudulent documents in order obtain credit (approx £2.3m in total).

The new premises at the end of the bypass were built last year and staff moved into them in Dec 2011.
It was a group of petrol stations around the Stoke-On-Trent area that provided fraudulent documents in order obtain credit (approx £2.3m in total). The new premises at the end of the bypass were built last year and staff moved into them in Dec 2011. Ex-employee01

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