Wed, 22 Sep 2021 | ADMINISTRATION
EVCL Chill, a distributor of chilled foods to UK supermarkets including Sainsbury’s and Asda, is poised to enter insolvency. Early reports indicate that the business is close to succumbing to a range of factors, including a shortage of HGV drivers and supply chain challenges and costs.
The business, previously called NFT Distribution, has been a subsidiary of logistics firm EV Cargo since being acquired out of administration in early 2020. That deal was brokered by administrators PwC, with the restructuring firm reportedly also being lined up to handle this process.
EVCL Chill, based in Alfreton, Derbyshire, is said to be in talks with its major customers over contingency plans to help secure supply continuity. The business is described as being a key supplier in the ambient and chilled foods logistics market.
The division’s last available financial reports at Companies House cover the year ending September 29 2018, at which time the business was still trading as NFT Distribution prior to its administration and acquisition by EV Cargo.
For that year, the business reported post-tax losses of £29.1 million on revenues of close to £334 million. At the time, the company’s total assets were valued at £99.7 million, but its total liabilities of £164.4 million left it with a total deficit of £64.6 million
As well as causing growing supply issues for the UK’s supermarkets and shoppers, driver shortages and rising supply chain costs are also impacting logistics firms. Earlier this month, another Derbyshire-based firm, haulage company Sprintdeliver, entered administration due to the impact of driver shortages and the pandemic.
Read more about M&A in the UK logistics sector.
View the latest distressed UK businesses here.
Offered for sale is a wholesale business and one-stop shop for a wide variety of products to the trade sector. A variety of items are available on the website for trade purchase, such as Clearance, DIY, Toiletries, Electrical, Household and Pet items...
LEASEHOLD
The company provides high quality components for the oil, gas and petrochemical sectors. Products include valves, pipes, fittings, flanges, gaskets, insulation kits, studbolts, hubs and clamps. Additionally, the business offers a full documentation s...
FREEHOLD
Offered for sale is a wholesale business and one-stop shop for a wide variety of products to the trade sector. A wide variety of items are available on the website for trade purchase, such as clearance, DIY, toiletries, electrical, household and pet...
LEASEHOLD
19
|
May
|
Knights continues acquisition-lead growth strategy with £11.5m deal for law firm | BUSINESS SALE
Legal services company Knights has acquired Portsmouth-headq...
18
|
May
|
Insolvencies forecast to surge 37 per cent in 2022 as inflation hits 40-year high | BUSINESS NEWS
Businesses in the UK look set to come under continuing press...
18
|
May
|
Cotswolds pub in prime tourist town comes to market for £1.3m | BUSINESS SALE
The Mousetrap Inn in the popular Cotswolds tourist town of B...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources