Fri, 25 Aug 2023 | ADMINISTRATION
A logistics firm based in Burton-on-Trent has fallen into administration following a period of troubled dealmaking. Freight Management Europe was founded in 1998 and, according to its most recent accounts, employed 37 staff.
On August 1, Freight Management Europe, which traded as AMCO Logistics (unconnected to logistics group AMCO), filed a second notice of intention (NOI) to appoint administrators, subsequently appointing Currie Young to oversee its administration on August 8.
The company has a standard international license for 40 HGVs and 40 trailers, but DVSA records show the firm was in the process of giving up its licensing authority. The firm has warehouses in Drakelow and Swadlincote, as well as a 17,000 sq ft warehouse in Marchington that it opened in 2021.
The firm, which began as a supplier of delivery services to the F1 and automotive industries, operates a fleet of vehicles including larger lorries, tail lift vehicles and small express vans.
In its accounts for the year ending December 31 2021, the company’s fixed assets were valued at £282,386 and current assets at £2.2 million. At the time, the firm owed creditors close to £2.3 million, however, leaving it with just under £270,000 in total assets less current liabilities.
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