A Yorkshire-based business that converted vehicles for use by the emergency services has crashed with debts topping £10 million.
O&H Vehicle Conversions LTD went into administration on February 13 after several years of unprofitable trading with the loss of over 170 jobs.
A report from administrator BDO LLP, known as a Notice of Administrator’s Proposals, says the Goole-based company, which began in 1988 and taken over by Portus Felix Ltd in 2019, has been making losses every year since 2021.
Portus Felix kept injecting cash and waiving debt, but despite more working capital and strategies to improve performance, the business position worsened.
The company, based at Larsen Road, also suffered delays in receiving supplies, the report continued.
In January, the company identified it would need £2million by summer, which Portus Felix was unable to provide.
This led BDO to be appointed to look at options for the company.
The directors concluded the business had become unviable, leading to a notice to appoint administrators in February.
An accelerated sales process began, leading to Trek Park Ltd to buy the remaining company assets, including plant and equipment and motor vehicles, for £450,000.
In their report, BDO has outlined what payments creditors will receive.
Secondary creditor Portus Felix will get an ‘uncertain’ amount, as will secondary preferential creditors. Preferential creditors will get all their money back and unsecured creditors will get nothing.
O&H Vehicle Conversions had assets with a book value of £4,328,148, but the realised assets, including stock, finished goods and cash at the bank, totalled £1,003,847.
Liabilities included £2,776,101 to secured creditor Portus Felix.
Employees were a preferential creditor owed £175,029, who will be paid in full.
HMRC was a secondary preferential creditor, owed around £830,000 in VAT and PAYE, who will receive “a distribution.”
Unsecured creditors included trade creditors who were owed £2,912, 956 and 158 employees owed £1,189, 653, with a total of £6,504,720.
There was also a shortfall of floating charge holders of £2,682,417, which gave an estimated deficiency with regard to creditors of £9,187,137.
Added to issued and called up capital of £1,955,729, this gave an estimated total deficiency of £11,142,866.
The statement also said the total owed to unsecured creditors was £6,504,720 and the overall total owed to creditors was £10,290,576.23.
BDO says further reports are promised as O&H Vehicle Conversions moves from administration to being dissolved.
As the Press reported recently, company bosses said they did all they could to find a rescue deal for O&H Vehicle Conversions.
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O&H managing director Mark Brickhill said: “In 2025, we delivered a record 227 NHS Emergency Double Crewed Ambulances (DCAs), up from 186 in 2024, whilst also growing and diversifying the business with a £19 million turnover.
Mr Brickhill explained OHVC had suffered delays in the delivery of chassis, delaying £2.2million of planned and achievable sales in recent months.
