North Lincolnshire logistics firm falls into administration
Wed, 18 Oct 2023 | ADMINISTRATION
Mark Stewart Limited, a transport and logistics firm based in North Lincolnshire, has fallen into administration. The company, which is headquartered in North Killingholme, filed a notice of intention to appoint administrators earlier this week.
The same day, the company moved to formally appoint Philip Pierce and Mark Hodgett of FRP Advisory as joint administrators and they have now assumed control over the firm’s day-to-day operations. According to a report in TheBusinessDesk.com, the company fell into administration as a result of a charge held over it by Bibby Financial Services.
The company trades as Mark Stewart International Transport and has operating licenses for a fleet of 53 trucks and 23 trailers. The firm was founded in 2009 and has a team of around 25 staff. It specialises in trailer and container movements to and from the ports of Killingholme and Immingham on the Humber. The company’s services include transportation and haulage across the UK, as well as in mainland Europe and Scandinavia, while it also provides storage and warehousing services.
During the year to the end of October 2022, Mark Stewart Limited reportedly registered a loss of around £200,000. At the time, the firm’s fixed assets were valued at close to £2.2 million, while net assets amounted to nearly £1.4 million. However, the firm had significant creditor debts at the time, leaving it with net assets of £591,835.
Distress has been high for some time in the UK’s logistics industry, with companies being impacted by issues ranging from COVID-19 and Brexit to skills shortages, supply chain disruption and cost inflation. However, despite this, M&A activity has remained strong, with many more well-capitalised operators using acquisitions to help them build scale, expand geographically into underserved parts of the country and to add new technologies that improve their operations.
Find out more about M&A in the UK logistics sector:
Logistics firms targeting acquisitions despite falling confidence
Logistics M&A ploughs on despite headwinds
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