Administrators to begin asset sale after collapse of logistics firm
Sat, 22 Jun 2024 | ADMINISTRATION
A logistics company based in Northamptonshire has fallen into administration and ceased trading. Linkline Transport employed 104 staff and operated from three hubs located close to Wellingborough. The company provided logistics across the UK and internationally, as well as providing haulage, warehousing and pallet network services to businesses.
The company’s director had recently undertaken an accelerated M&A process in effort to find a buyer for the business and to explore restructuring options. However, no viable offers were received and, as the company was unable to meet its financial obligations, it was no longer able to trade.
Rick Harrison and Chris Pole of Interpath Advisory were appointed as joint administrators of the company on June 18. 100 staff were made redundant upon the appointment of the joint administrators, with the four remaining staff retained to assist in winding up the company’s operations while the administrators prepare to launch an asset sale.
Joint administrator Rick Harrison said: "The UK logistics sector has been reeling from multiple economic factors that have made trading conditions challenging for many operators. In addition, Linkline struggled in the face of intense market competition and, without significant additional investment, it was unable to continue trading.”
"Our team is on site to provide support for employees in making the appropriate claims with the Redundancy Payments Service and is also engaging with customers."
In Linkline Transport’s most recent accounts at Companies House, for the year ending March 31 2022, its fixed assets were valued at £2.4 million and current assets at £8.6 million. At the time, it owed creditors more than £6.4 million, however, with net assets amounting to £4.18 million.
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