A Banbury haulage firm that bought the assets of a failed transport business in a pre-pack deal had to request a payment break after just three months, its administrator has revealed.
Swift Go agreed to buy the goodwill, plant, machinery, hire purchase equity and contracts of Swiftcare UK after it collapsed into administration in February this year.
The company had struggled with significant trading losses after losing a large contract.
However, its directors agreed with insolvency experts Opus Restructuring to buy the business via their new company Swift Go for £75,000 – and the move also saved the jobs of 58 staff.
In a report to creditors of Swiftcare, Opus said £25,000 was paid upfront and then Swift Go was scheduled to pay £6,250 in eight monthly instalments.
But just three months into the deal, the company asked if it could put the brakes on.
Opus said: “In April 2025, the purchaser advised that it would require a payment break for the deferred consideration, which was agreed on the basis of it being for no longer than three months.
“Payments of the deferred consideration commenced being paid again in July 2025.”
No reason was given for the break; however Opus added: “It is noted that should deferred consideration payments lapse, the payment of the consideration due in accordance with the sale agreement was personally guaranteed by the directors of the purchasing entity and steps will be taken to ensure the remaining sale consideration is paid by the directors personally if required.”
The administrator added that unsecured creditors of Swiftcare UK are not anticipated to be paid any of the more than £500,000 owed to them.
Office of the traffic commissioner records showed that following a Bristol public inquiry in July, Swift Go was issued with an interim licence to operate six lorries and two lorries – not the nine it initially applied for – albeit with conditions attached.
