Paul Flint and David Costley-Wood from KPMG’s Restructuring practice in Manchester were appointed Joint Administrators of TT Express Haulage (Oldham) Limited, a transport and logistics specialist, on Friday 15 September 2017
The company operated from leased premises in Royton, Oldham and was responsible for distribution on behalf of a number of large blue chip customers.
Immediately after their appointment, the joint administrators sold the business and its assets to TT Express Group Limited, an unconnected party. As part of the sale, all 56 members of staff transferred to the purchaser.
Paul Flint, associate partner at KPMG and Joint Administrator, commented: “Like many UK hauliers, in recent years the company experienced significant pressure on its margins and suffered loss of revenue as a consequence of a highly competitive market. As a result, the company incurred sustained trading losses prompting management to consider its strategic options.
“Over the summer, the company engaged with two different advisors in order to assess whether the business could be sold, or whether a different form of restructuring would be possible. Unfortunately, neither of these processes were successful and in the meantime, the company’s cash position became acute. KPMG was engaged in early September to ascertain if an accelerated sale would be possible. However, when it became evident that no solvent solution was available, the company was placed into administration.
“We are therefore delighted to have a concluded a sale of the business in such a quick timeframe, ensuring continued employment for the 56 members of staff. We wish the business all the best for the future”