Stricken haulage and logistics firm Trans Haul (Europe) has been sold in a £170,000 pre-pack deal to a connected party, according to its administrator.
The Dunstable-based haulier had been operating since 2005 and achieved annual turnover of around £6.5m before it began to face difficulties.
In a report to creditors, CBA Business Solutions said Brexit caused the company problems, but more recently the increase in fuel prices following the war in Ukraine compounded matters.
It then suffered a cyberattack last year, which CBA said caused significant disruption and cost to the business.
Trans Haul came under pressure of enforcement action by a creditor and so CBA said it was placed into administration to safeguard its assets.
“Five expressions of interest were received and only one offer was made for the business and assets, which was from the purchaser,” the administrator said.
“The purchaser of the assets of the company, THEL Midlands, is considered a connected party on the basis that the purchaser is a company owned and operated by Mr Paul Dyer, a former senior consultant.
“THEL Midlands was formerly owned by Mr Nigel Machado, who also acted as its director.
“The beneficial owner and director of the purchaser, Mr Paul Dyer, has previously acted as a consultant employed by the company.”
Following negotiations, THEL Midlands agreed to pay £170,000 in deferred instalments and an additional consideration of 1% of turnover in excess of £6m at the end of years one and two.
CBA added that the sale also resulted in 27 staff transferring over to the new company via TUPE.
Records show that THEL holds a licence authorising 15 HGVs and 30 trailers running out of a Stoke operating centre.
