Pickford’s the UK’s largest and oldest removal firm are facing a financial crisis that could threaten 1300 jobs. The company is trying to sell some or all of its business to secure funding to pay staff and creditors.
Pickford’s has been hit by the slowdown in the UK housing market and has already had a cash injection from its equally troubled American parent Sivra inc., to help pay the January wage bill of £350,000.
Pickford’s, who have been around since the 17th century, are in talks with a London based company who are interested in acquiring the business assets in return for taking on ‘certain liabilities’.
Finance Director Brad McCarthy remains optimistic, claiming that the company have sufficient funds to pay its employees for this month, adding that the situation was normal and the first quarter is quieter in the moving industry, “Nothing out of the normal-It is the same as has been happening in the past ten years.”
Parent company Sivra Inc., may see things differently stating:
“If the sale cannot be completed at all, the company [Sirva Inc] will likely wind up the UK and Irish businesses pursuant to an appropriate UK insolvency procedure.”
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