Tue, 28 Jun 2022 | ADMINISTRATION
Bristol-based transport, trucking and railroad firm Toogood International Transport and Agricultural Services has fallen into administration. Its collapse was attributed to a difficult trading environment after Brexit and COVID, as well as more recent factors such as driver shortages, rising fuel prices and a loss of international freight business.
The family-owned firm was founded in 2006 and operated from a warehousing and office facility near Bristol. The impact of COVID and Brexit, combined with recent difficulties impacting the wider sector, meant that the business began to suffer losses and experienced “significant” cashflow issues.
As a result, the company’s directors appointed Mark Boughey and Mike Field of Mazars as joint administrators. They will now seek a buyer to acquire all or part of the business, as well as its assets. In its accounts for the year ending March 31 2021, Toogood had £1.6 million in fixed assets and slightly over £3 million in current assets. Its net assets at the time amounted to around £22,000.
Joint administrator Mark Boughey said: "The business had traded very successfully for a number of years but suffered from a string of external factors that have ultimately resulted in the directors taking the difficult decision to enter administration. The headwinds of Brexit, COVID-19, driver shortages and, more recently, the fuel and energy crisis, have had devastating impact on the sector."
Boughey said that the directors had moved to appoint administrators after determining the operation was no longer viable. Boughey added: "The directors were keen to act quickly and prevent the position for creditors worsening and appointed administrators. We are working closely with the company and its key stakeholders, and it is hoped a buyer will be found for part or all of the business.”
In addition to its transport business, Toogood was also the primary shirt sponsor for Bristol Bears Rugby Club.
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