The UK Division of Minorplanet is to be sold. Minorplanet is a Leeds based vehicle tracking systems company which has had financial troubles for some time now. They owed the tax man around £2 million and had been put on the time to pay scheme after they were unable to keep up with their tax payments. Unfortunately they were unable to keep up with the Time To Pay payments either.
The HMRC were going to foreclose on them, but they managed avoid this selling the UK division. The sale looks like it has only just come in the nick of time for the company.
Philip Bennet is resigning as the managing director of the UK division, but he will stay as the chairman of the Australian division of the company.
It is expected to be a competitor who will buy the company, but exactly which company it is that will be buying Minorplanet is yet known.
By saving the company they have effectively managed to avoid making many individuals unemployed so it is positive thing.
Vehicle tracking is a growing industry and many of the big players have done well throughout the recession, but others have struggled for one reason or another. Although the tracking industry has had its problems in the recession, such as lease companies being much stricter on lease deals etc, the successful companies have been innovative in overcoming these challenges. Pay as you payment options are just one great way of overcoming the lease problem.
