BusinessCompany NewsTransTec: Timeline – 1991 to 1999

TransTec: Timeline - 1991 to 1999

A time line of the key developments from TransTec's creation to the resignations of Richard Carr and Bill Jeffrey

May 1991

: TransTec created.

Oct 1992: Coopers & Lybrand appointed auditor

Nov 1994: Richard Carr replaces Geoffrey Robinson

July 1995: Richard Parkin becomes group financial controller

Aug 1995: Bill Jeffrey becomes finance director

June 1996: Ford demands TransTec bear the cost of late cylinder head order

Apr 1997: Ford sets out claim for $36m (£21m). TransTec finalises accounts for 1996 without mention of Ford

Aug 1997: Ford claim settled for £11m

Mar 1998: publication of 1997 results includes no charge or liability in respect of the Ford settlement

Mar 1999: 1998 results include write off £35.3m and ‘bogus asset’ of £1.9m to partly account for Ford claim

Sep 1999: TransTec announces a loss for first six months of 1999 of £5.7m

Dec 1999: lenders to TransTec become aware of the Ford claim. Richard Carr and Bill Jeffrey resign

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