Wed, 31 Aug 2011 | ADMINISTRATION
Administrators are looking to sell the assets of logistics firm, the Dodd’s Group, after its parent company entered administration.
Paul Williams and Jason Godefroy, from insolvency firm MCR, were appointed to handle the administration of 21st Century Logistics on 26 August. The process is affecting around 90 staff based at the company’s two depots at Sittingbourne and Sheffield.
Mr Godefroy said that the company had been struggling through a dearth of working capital as a result of severe cash flow problems, heightened by the current economic climate.
“There is no doubt that the difficult trading environment over the past 12 months has played a significant part in the demise of the company,” he explained. “The administrators have had no choice but to wind down operations with immediate effect and actively market such assets are available to maximise a return for creditors.”
21st Century Logistics made a pre-tax loss of £397,279 for the year ending 30 September 2010, deepening from a loss of £330,333 during the previous year.
The company had only been bought by Swedish businessman Frederik Helander earlier this year. He was appointed director on the 20 May, on the same day that directors David Pink and Carole Dodd ended their directorships. Director Jim Dodd followed suit on 26 May.
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