Thu, 12 Jun 2014 | ADMINISTRATION
Nottingham-based Seafield Logistics has gone into administration with parts of the business already sold.
David Riley, Les Ross and Joe McLean of Grant Thornton were appointed as the administrators to the £30 million-turnover warehousing and transport company yesterday (11 June). It was subsequently revealed that Grant Thornton has sold on two of the business’ units, saving 110 jobs in the process.
It was announced that the Liverpool firm Abbey Logistics has taken over the Seafield’s Winsford, Middlewich and Immingham bulk powder transport operations. This will see Abbey’s fleet increase by 47 trucks and 57 powder tanks.
Meanwhile Lomas Distribution, which is headquartered in Buxton, has bought Seafield’s Winsford-based warehousing business.
Joint administrators David Riley said: "The stakeholders of Seafield Logistics have experienced uncertainty for some time and the two sales provide a positive outcome. We are delighted that we have been able to secure in excess of 110 jobs as well as provide continuity to the customers."
It is estimated that Abbey's acquisition will save 70 jobs and add around £6 million to its own revenues, taking the business' turnover to £42 million.
Steve Granite, managing director at Abbey Logistics, added: "We are extremely pleased to have secured this deal to acquire certain assets of Seafield Logistics which is a significant step forward for our bulk powder division.
"We entered this market in 2011 with the acquisition of RH Stevens, we organically grew that business by 120 per cent in three years and this latest acquisition will take that growth to 320 per cent in four years."
______________________________________________________________________
Related information:
Businesses for sale
Business acquisition funding
The company provides internal fit-out services, including suspended ceilings, partitions, and raised-access floors, serving a wide range of clients with a strong recurring core client base, with a focus on careful risk assessment.
This dentistry is located in an affluent and prime location with a strong level of footfall, this practice currently offers the full range of private treatments including Implants, however has not pushed Invisalign or Hygiene work, leaving ample oppo...
LEASEHOLD
The company is a prominent supplier of high-quality, nutrient-rich feed for cows, calves, and sheep, with full technical support, dairy costings, yield predictions, and silage analysis. To complement its core product, the business also supplies molas...
06
|
Sep
|
Surrey Victorian country manor hotel on the market for £8m | COMMERCIAL PROPERTY
Stanhill Court Hotel, a Victorian Country Manor House hotel ...
06
|
Sep
|
Livingstone-based civil engineering firm falls into administration | ADMINISTRATION
Glenevin Limited, a Livingstone-based civil engineering firm...
06
|
Sep
|
Worcestershire accountancy acquires Cannock-based counterpart | BUSINESS SALE
A full-service accountancy and advisory firm based in Worces...
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.