Administrators carve up and sell Seafield Logistic assets

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

Share this article

Latest Businesses for Sale

View more businesses for sale