XPO Logistics remains in a standoff with the new owner of House of Fraser, with the department store group’s supply chain paralysed as a consequence. The logistics firm is owed £30.4m as a creditor of the retailer, which was placed into administration on 10 August and saw most of its assets sold to Mike Ashley’s Sports Direct shortly after. While the sale price of £90m was eye-catching, the money will be used to settle debts with secured creditors. Under insolvency […]
No doubt about it, 2012 was incredibly tough for UK logistics operators. Profits were low, costs were high and obtaining credit to invest remained hard. The double-dip recession we all feared is in danger of turning into triple-fall and GDP growth was more sluggish than a snail on valium. Forecasts for growth in 2013 range from 1% by the Bank of England (BoE) to 1.4% by the Confederation of British Industry, with the BoE also predicting that it will be […]
By the time the Beast from the East had done its damage and spring was finally making itself known, official figures showed that there had been 574 insolvencies in UK logistics during the first three months of 2018.
Creditors seldom get back all of the money owed to them when a company becomes insolvent, but you don’t have to take things lying down.