Fledgling pallet network Global Pallet Systems has gone into liquidation this week after a creditors meeting revealed the company owed £250,000. GPS, which was based at Fradley Park, Lichfield, officially went into liquidation on May 22, after just two months of trading, and those present at the meeting agreed to appoint Tim Corfield of Walsall-based accountants Griffin & King as the liquidator.

Senior consultancy manager of Griffin & King, Richard Owen, said he was contacted by GPS on...

April 26 to take instructions to place the company in liquidation. The network had suffered a downward spiral of events, including the departure of founder and CEO Mike Chamberlain. Managing director Graham Thomas had told Motor Transport the company was suspending operations for four weeks.

Owen says Griffin & King can confirm that GPS had a deficiency "in the region of £250,000" and says the next stage is to "realise the book debts and assets of the company". He says that following the meeting the liquidator will be looking into "how the company made such a large deficiency in its short life". Former GPS night hub manager Mark Gray, who attended the creditors meeting, tells MT he is owed around £3,200 in unpaid wages and expenses.