Air freight specialist Circle Express collapsed into administration and has now been sold to new owners, its chief financial officer (CFO) told Motor Transport.
The West Drayton express delivery firm, which can trace its roots back to the 1970s, appointed administrators at Begbies Traynor in Manchester on 19 December.
The company holds operator licences in four traffic areas, running between eight and 27 HGVs out of each depot.
Its primary sector is air freight, although in recent years it had diversified into other market sectors, which had resulted in new business wins.
The last set of accounts for Circle Express, for the extended period covering 1 April 2023 to 30 September 2024, reported turnover of £34.7m compared to £27.2m in the preceding 12 months.
However, operating losses increased from around £367,000 to more than £7.7m.
Its pre-tax loss was £9.4m.
The accounts explained that Circle Express had been acquired by new owners in September 2023 from the TVS Group and since the acquisition it had been the subject of a significant restructure in all areas of its operations: “This has resulted in the business now being well placed to continue the expansion of its operations in the coming years and to improved profitability,” it added.
When Motor Transport contacted the company for comment, CFO Mike Prosser responded saying a company called Trilogy had acquired Circle’s assets.
Begbies Traynor was unable to respond as we went to press and Trilogy had yet to respond.
