Haulage and logistics firm sold out of administration

TT Express Haulage (Oldham) Limited, a transport and logistics specialist, has been sold out of administration, saving 56 jobs.

Paul Flint and David Costley-Wood from KPMG’s restructuring practice in Manchester were appointed as joint administrators to the company, which operated from leased premises in Royton, on Friday (September 15).

Immediately after their appointment, they sold the business and its assets to TT Express Group Limited, which is an unconnected party.

As part of the sale, all 56 members of staff transferred to the purchaser.

Latest accounts show that the company, which was responsible for distribution on behalf of a number of large blue chip customers, made a £43,000 pre-tax loss on a turnover of £6.6m for the year to the end of March 2016.

Flint said that KPMG was engaged in early September to see if an accelerated sale would be possible but that when no solvent solution was available, the company was placed into administration.

He added: “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 advisers 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.”

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