All staff jobs at a Thurrock-based haulage firm have been saved after it entered administration and was then sold.
PL Logistics and Distribution appointed insolvency experts from SFP on 10 July and a sale of its business and assets was completed on 12 July.
The company was established in 2009 and undertook road freight and haulage services from its Essex operating centre.
It held a standard national operator’s licence authorising 14 HGVs and two trailers.
According to SFP, the company had a loss-making contract which resulted in it not being able to service HMRC and supplier debts.
Despite attempts to reduce costs the haulier couldn’t generate sufficient funds to service both its current and historic debts and eventually its secured creditor consented to the appointment of administrators earlier this month.
The business was marketed and according to SFP it was sold to PL Logistical Solutions, with all employees transferred to the new company.
Records show that the sole director of the new company is Jason Whitmore, who was also director of PL Logistics and Distribution.
Despite this, an SFP spokesman confirmed to MT that it was not a pre-pack sale.
Administrator Simon Plant said: “All jobs were saved and PL Logistical Solutions Limited is now well placed to take the business forward.
“We are pleased that all employees can continue their employment following their TUPE transfer to the purchaser.
“As SMEs come under increasing cash flow pressure during tough trading conditions, contacting restructuring experts at the earliest opportunity can see the preservation of a business.”
