So who are the 125 zombie companies???
anyone put names to the 125
UK forklift industry analysts have identified 125 UK forklift companies as "zombie" businesses.
David Pattison, author of the latest Plimsoll Analysis, says the companies' performance has deteriorated to the extent that they now exist to pay off their debts.
"These companies are... posting growing losses and, despite the obvious freeze in the credit markets, increasing their debts. They are zombie businesses with debts at an average of 45% of turnover. They exist to service their out-of-control liabilities," Pattison says.
He adds that many are using their suppliers to finance their losses by taking twice the industry average of 67 days to pay their bills.
Pattison explains the other problems these "zombies" are facing. "They are falling behind the rest and their productivity is well below the industry average. It's hard for them to compete as their cost base is just too high. As a result, investment plans have been mothballed meaning their aging assets are further restricting their ability to remain competitive."
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