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.”
Find out how financial distress is driving M&A in the logistics sector
Market-leading fruit and vegetable supplier distributing fresh produce and complementary goods both wholesale and D2C. The companys uncompromising drive for customer satisfaction has built strong relationships with across an enviable client base incl...
An esteemed company specialising in the supply and installation of artificial grass and complementary accessories.
Supplier of valves & associated equipment to customers operating in the water, waste-water, and off-shore oil & gas industries in the UK & worldwide.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.