Mon, 03 Mar 2025 | BUSINESS SALE
Haulage company Swiftcare UK has been sold in a pre-pack administration deal to its directors saving 58 jobs.
The Banbury, Oxfordshire domestic and commercial white goods delivery haulier collapsed into administration on 5 February after it suffered “sizeable trading losses”. As reported by trade magazine Motor Transport in a report to creditors, Opus Restructuring said the firm had faced financial issues in 2024 after the loss of a large contract and the time taken to replace the work, coupled with delays in a new contract taking off.
The company’s directors introduced £200,000 to stabilise the cash position after Swiftcare reported a loss of £91,800 in 2023, which then deteriorated to a loss of £577,000 last year.
“The seven months to October 2024 reported revenue of £1.7 million and a further trading loss of £492,000,” the report said. “This reflected increased direct and overhead costs, attributed in part to the anticipated new contract in respect of staff growth and training requirements.”
Opus said a pre-packaged sale could rescue the business and staff jobs with no break in the supply of goods and services.
“The directors were of the impression that the business was viable in its current form as a result of the cost cutting measures it had implemented over the previous 12 months and that without the burden of the historic liabilities, the business could survive,” the report said.
Directors Richard Walsh and John Worrod subsequently bought the business and assets for £75,000 under new firm name Swift Go.
Opus said in a statement: “Following a structured marketing process led by Lambert Smith Hampton and receipt of a positive independent evaluator’s report, a pre-packaged sale was successfully completed to Swift Go. As a result, the jobs of all 58 employees have been rescued, ensuring continuity of employment with the purchaser. We believe this outcome provides the best opportunity for the business and its staff moving forward, together with achieving the best possible outcome for the creditors of Swiftcare UK.”
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