The closure of Lincolnshire’s Mark Stewart International Transport led to 41 staff losing their jobs, according to its administrator.
The North Killingholme, Grimsby haulier specialised in ferry trailer movement and hauling services and employed 46 staff, with an international licence authorising a total of 50 HGVs out of its Immingham operating centre.
However, according to Mark Hodgett, administrator at business advisory firm FRP, the company began to struggle due to a reduction in revenues amidst challenging trading conditions.
Hodgett said cash flow difficulties impacted its ability to operate and the haulier ceased trading last Friday, with 41 staff made redundant on FRP’s appointment on 16 October.
He said five employees had been retained to help the joint administrators carry out an orderly wind down of the business.
With no prospect of selling the business, the administrators are currently preparing for an asset sale, to be led by agents Sanderson Weatherall.
Hodgett said: “Mark Stewart International Transport operated as a leading logistics service in the area for many years and serviced clients across the UK, Europe, and Scandinavia.
“Unfortunately, like many other businesses in the industry, Mark Stewart was not immune to a significant fall in demand across logistics. The sustained fall in revenues had made the business financially unviable as it was unable to meet its financial obligations.
He added: “Regrettably, this meant 41 staff were made redundant on appointment. We’re supporting the individuals affected to file claims with the redundancy payments services.”
