Fri, 22 Sep 2023 | ADMINISTRATION
Selazar Ltd, a Belfast-headquartered logistics operator with facilities in Rotherham, County Antrim and Warwickshire, has fallen into administration. Interpath Advisory’s Stewart Irwin and David Pike have been appointed as joint administrators to the business. The company is a third party logistics operator that provides e-commerce fulfilment services.
Upon their appointment, the business ceased trading, with the majority of its 54 employees made redundant.The company's assets, including intellectual property and its trading platform, were immediately sold to Petra Group entities Petra Financial Technologies LLC and MPN Technologies Ltd.
Like many companies in the logistics sector, Selazar has struggled with inflation across its cost base and mounting competitiveness in the e-fulfilment market. These issues led to the business facing liquidity challenges and cashflow pressures.
In response, the company’s directors sought to explore their options, including seeking an accelerated sale of the business. However, no solvent solution was possible, leading to the decision to appoint administrators.
Joint administrator and Interpath Managing Director Stuart Irwin said: "The logistics and e-fulflment sector is currently experiencing a number of headwinds including rising costs and softening demand in the wake of fragile consumer confidence.”
"Due to the cessation of trade and the sale of the assets, no further orders can or will be fulfilled by the company, its warehouse partners or the purchaser. Customers are therefore advised to contact our team as a matter of urgency to make arrangements for the collection of stock.”
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