An administrator, SFP, has been appointed for Navistar Global Logistics Limited after the firm encountered financial difficulties, leading to debts of almost £400,000.
Navistar Global Logistics Limited was an international logistics freight forwarding company that specialised in air and sea freight, road haulage, transfer customs clearance, storage and fulfilment. With its headquarters in Feltham, Middlesex, the firm also had warehousing in London, West Bromwich, Manchester and Newcastle.
Despite having a major contract with Palletforce plc, employing 23 people and having an annual turnover of £2 million, Navistar was not able to avoid going into administration and thus SFP’s Daniel and Simon Plant – both licensed members of the Insolvency Practitioners’ Association – were appointed Joint Administrators on 14th August 2012.
Partner at SFP Daniel Plant said it was the third such case of a haulage firm going under that he had seen in the last six months: “The haulage sector is extremely competitive in the current economic climate with petrol costs putting a squeeze on suppliers and margins.
“Navistar Global Logistics Limited has run into cash flow difficulties and despite discussions with a number of interested parties, it has ceased trading.”