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
Specialist wholesaler to the security, and locksmith sector with an extensive active client base and a well maintained ecommerce website.
The business is established and offers its products across the region. The vendors now wish to retire, with the business representing an excellent acquisition for an existing operator within a similar sector or a new market entrant.
Well established, cash generative, leading consumer electronics distributor, with a vast portfolio covering electronics, audio visual, sound, light, public address and MI trades. Owners of individual brands with good known growth opportunities.
26
|
Jul
|
Tunnelling construction technology company falls into administration | ADMINISTRATION
A tunnelling construction technology company based in Basing...
26
|
Jul
|
Sumer firm RMT completes second deal of the year | MERGER
RMT Accountants & Business Advisors, which is part of the Su...
25
|
Jul
|
Occupational health service provider secures PE backing for acquisitions | BUSINESS NEWS
A Hull-headquartered provider of occupational health service...
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
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
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.