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All administration articles – Page 5
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Article
Administrator set to rescue struggling haulier with CVA
The administrator for a Somerset haulage firm is trying to rescue the business through a company voluntary arrangement (CVA) after a review of its financial position showed that it was still solvent.
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ArticleMark Stewart collapse led to loss of 41 jobs, administrator reveals
The closure of Lincolnshire’s Mark Stewart International Transport led to 41 staff losing their jobs, according to its administrator.
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ArticleVolta Trucks files for bankruptcy after battery supplier goes bust
Electric truck manufacturer Volta Trucks has filed for bankruptcy in Sweden and is set to file for administration in England, after its production targets were hit by the demise of its battery supplier Proterra, which hampered its ability to raise funds.
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ArticleElectraMeccanica pulls plug on Tevva merger deal
A deal to merge British electric lorry maker Tevva with ElectraMeccanica in the US has fallen through after the vehicle designer alleged “multiple incurable breaches”.
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ArticleGreen Biofuels calls in administrators, less than two years after BP takes 30% stake
Green Biofuels, the largest UK supplier of hydrogenated vegetable oil (HVO), has collapsed into administration, just 20 months after BP took a 30% stake in the company.
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Article
Hauliers like KNP Logistics vulnerable to ransomware attacks, cyber crime report warns
As the dust settles around the collapse of KNP Logistics, which was triggered by a major cyberattack in June, a new report warns that ransomware attacks are on the rise and urges businesses to take preventative action.The report Ransomware, extortion, and the cyber crime ecosystem, published by GCHQ’s National Cyber ...
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Article
"Bullying" bankers accused of dragging Lloyd Fraser into "unnecessary" administration
Lloyd Fraser Group and its parent company Barbican Capital have slammed Close Brothers and Close Invoice Finance for triggering the administration of the milk and fashion haulier in a move it claims was “wholly unnecessary” and the result of “bullying” and “spiteful” tactics.Birmingham-based Lloyd Fraser Group was placed into administration ...
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Article
Glasgow vehicle transport specialist stalls
Vehicle transport specialist Glasgow Car Movers has entered administration with all 25 of its staff made redundant.Established in 1999 in Uddingston, Glasgow, the company regularly transported more than 1,000 vehicles each week across the UK and relied on a fleet of 28 HGVs operating out of two bases.According to administrator ...
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Article
Wilko DCs to close next week with loss of nearly 300 jobs
Wilko’s two distribution centres at Worksop in Nottinghamshire and Newport in Wales are set to close by Friday next week (22 September), with the loss of more than 300 jobs, whilst the retailer's 408 stores will close by early October, according to administrators PwC.The announcement of the store closures follows ...
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Article
Economic headwinds blew Cross Transport off course
Cross Transport failed due to the Covid pandemic and rising costs, according to documents recently released by its administrator.The Birmingham haulier, which provided road transport services across the UK and Ireland, brought in financial experts on 5 June after being hit by a series of economic headwinds. The company was ...
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Article
Creditors of stricken firm confront boss at his home
A young entrepreneur who set up a haulage firm in Malton when he was just 17 had to contend with angry creditors at his home address when the firm hit financial problems.Charles Morgan Transport entered administration on 4 July, seven years after it was first launched, after increasing overheads and ...
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Article
Freight Management European’s collapse prompted by range of factors
A Burton-on-Trent haulage firm that failed last month was crippled by a host of problems, including Brexit, Covid-19 and an expensive fraudulent incident involving a customer, according to its administrator.Freight Management European (FME) had traded since 1998 and held an international licence authorising 40 HGVs, but in a report to ...
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Article
Hundreds of Wilko warehouse jobs at risk as bid for failed retailer misses deadline
More than 1,300 workers at two Wilko distribution centres are in danger of losing their jobs after a bid by private equity firm M2 Capital to buy the entire company fell through this week.The two distribution centres, located in Worksop, Nottinghamshire and Magor in Newport, employ around 1,300 staff across ...
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ArticleFreight Management European (FME) in administration
A Burton-on-Trent international haulage and warehousing firm has entered administration.Steven Currie at insolvency practitioners Currie Young was appointed to Freight Management European (FME) in Drakelow on 8 August.The company, which traded as AMCO Logistics, held a standard international licence for 40 HGVs and 40 trailers running out of two operating ...
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ArticleGXO tight-lipped over Wilko distribution contract after administrator confirms redundancies and store closures
Wilko’s administrator said it was likely there would be redundancies and store closures after it failed to find anyone to buy the entire group.PwC said it had held “extensive discussions” with interested parties and although discussions were continuing, “it’s clear that the nature of this interest is not focused on ...
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ArticlePre-pack sale of Portman Logistics to Challenge TRG Group saves 60 jobs
Administrators for container haulier Portman Logistics said 60 jobs had been saved after the Bury-St-Edmunds firm was sold in a pre-pack deal to part of the Challenge TRG Group.Portman, which operated out of three depots in the East of England traffic area and two in the North East, entered administration ...
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ArticleGXO to continue distribution for Wilko despite retailer's collapse into administration
GXO said it was continuing to fulfil its distribution duties for Wilko after the beleaguered retailer collapsed into administration this week.PricewaterhouseCoopers (PwC) was appointed as administrator of the high street shopping chain on Thursday (10 August) after battling “incredibly challenging trading conditions”.PwC said Wilko will continue to trade in all ...
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ArticleReport into Tuffnells' collapse confirms HMRC and unsecured creditors will lose millions
HM Revenue & Customs is “highly unlikely” to be paid the £10.5m it is owed in VAT and other taxes by Tuffnells Parcels Express, according to its administrator.In a report to creditors of the collapsed parcel firm, Interpath also said that staff owed an estimated £620,000 in wages, holiday pay ...
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ArticlePre-pack sale of Pallet Network haulier saves 28 jobs
A Lancashire haulage firm employing 28 staff has managed to avoid making them all redundant by achieving a pre-pack sale after it was heavily impacted by the Covid-19 pandemic.SCS Logistics, which traded out of Heysham and had a licence authorising 37 HGVs, was incorporated in 2011 but according to administrators ...
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ArticleCross Transport administrator urges struggling hauliers to seek advice ASAP
A joint administrator of Cross Transport is urging operators to seek professional guidance sooner rather than later, after the Birmingham-based haulier went under.David Kemp and Richard Hunt of nationwide insolvency practitioner, SFP, were recently appointed as joint administrators of Cross Transport Limited, which provided road haulage services across the UK ...