An associated company of Axis Fleet Management, which entered administration in May, has collapsed into liquidation.

Axis Fleet Management Leasing was an equipment contract hire company servicing the supply chain management, logistics and shipping industries.

According to liquidators at FRP Advisory, it was wholly reliant on Axis Fleet Management, which had struggled in “challenging trading conditions” until it entered administration on 10 May.

Axis Fleet Management Leasing relied on its counterpart for the supply of vehicles, head office functions and day to day operation of the business.

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An FRP spokeswoman said: “Following Management’s wind-down, Leasing was therefore placed into creditors voluntary liquidation.

“Leasing did not employ any staff, and the outcome for creditors is unknown at this stage.”

The last set of available accounts for Axis Fleet Management Leasing, for the year ending 31 March 2018, showed that turnover had fallen by £4m to £7.4m during the period.

However, its business review for the period was upbeat, citing “advantageous commercial relationships with leading manufacturers.”