administration image

A Merseyside-based logistics operator that traded out of two operating centres entered administration after its floating charge holder grew concerned about recovering its outstanding liability.

Optimum Logistics ceased trading in November 2022 despite its most recent financial results showing that it had returned to profit by the end of 2021.

In a report out this month to creditors, KBL Advisory said it was approached by the company’s invoice finance facility provider, Bibby, after it had conducted a review of Optimum’s ledger, “which led to concerns over the recoverability of its outstanding liability”.

Optimum Logistics was established in 2019 and provided a range of transport services, including temperature-controlled, flat-bed, container and tanker haulage.

Its international operator licence showed it had two bases, in Bootle and Speke, and had permission to run six HGVs and six trailers out of both.

KBL said that for the year ending 30 November 2020 it reported a turnover of £143,754; however, due to large administrative expenses and cost of sales it made a pre-tax loss of £9,138.

In November 2020 it secured a bounce back loan of £25,000 and this was used to pay staff wages and liabilities.

For the year ending 30 November 2021, it had increased turnover to £915,011 and reported a pre-tax profit of £51,372.

KBL added: “The joint administrators think that the company has insufficient property to enable a distribution to be made to unsecured creditors.”

Topics