All administration articles – Page 7
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MT ArticleRecord 463 hauliers collapse in last year, report reveals
A record 463 British haulage businesses have collapsed in the last 12 months, more than double the number two years ago, according to data obtained by Price Bailey, the Top 30 accountants.
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MT Article
Hemisphere Freight Services to acquire two divisions of Magnus Group
Supply chain specialist Hemisphere Freight Services (HFS) is set to purchase the warehousing and freight forwarding divisions of Magnus Group, after the Ipswich-based haulier announced its intention to call in the administrators earlier this month.
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MT ArticleMagnus Group files intention to appoint administrator
Haulage and warehousing company and Ipswich Town FC sponsor Magnus Group has filed a notice of intention to appoint administrators in court.
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MT ArticleMagnus Group files intention to appoint administrator
Haulage and warehousing company and Ipswich Town FC sponsor Magnus Group has filed a notice of intention to appoint administrators in court.
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MT ArticleKinaxia buys Nelson Distribution as parent company KNP Logistics files for administration
Kinaxia Logistics has acquired the trade and assets of KNP Logistics Group subsidiary Nelson Distribution after the group, which includes Knights of Old and Steve Porter transport, filed for administration late last week, after suffering the fall out from a major cyber attack. Nelson Distribution, which is based in Belper, ...
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MT ArticleCyber attack pushes KNP Logistics into administration with loss of 730 jobs
A major ransomware attack on KNP Logistics was a key contributor to the group’s demise, administrators have revealed.
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MT 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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MT 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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MT 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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MT 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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MT 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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MT 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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MT 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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MT 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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MT 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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MT 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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MT 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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MT 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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MT 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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MT 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 ...