Freight firm hit by Austin collapse sold

A £10m turnover Liverpool importing and warehousing company, which was hit by the collapse of retailer Ethel Austin, has fallen into administration.

Bootle-based Tower Shipping Group and its sister company Tower Worldwide Freight, were  placed into administration on March 18.

Joint administrators Paul Stanley and David Moore from Begbies Traynor have since sold the business and certain assets of the Liverpool and Essex operations.

Mr Stanley told TheBusinessDesk that discount retailer Ethel Austin had been one of Tower’s biggest customers , and its demise had been key. He said a general decline in import business this year had also been a factor.

In a statement Begbies Traynor said the sales should preserve the majority of the workforce.

“The administrators are now continuing with the realisation of the company’s assets,” a statement said.