After suffering from cash flow problems, a Yorkshire-based transport and logistic group has ceased operations. To fix this problem, Howard Smith and David Costley-Wood from KPMG’s restructuring practice have been appointed as joint administrators to Bedfords Limited, the transport and logistics company.
“The company had recently experienced cashflow issues and had embarked on a process to seek new sources of investment into the business. Unfortunately, after a sale of one of its subsidiaries fell through, the directors were left with no alternative but to apply for the appointment of the joint administrators. Our immediate priority is to provide every available support to those members of staff who have been made redundant, including assisting them with claims to the redundancy payments service,” said Howard Smith, associate partner at KPMG and joint administrator.
A statement issued by the administrators, said: “Immediately following the appointment of the joint administrators, operations ceased and regrettably, the majority of staff have been made redundant. The joint administrators have retained a small number of staff to assist them in the wind-down of operations. The administration includes subsidiary LinQ, a supply chain services business.”
Based in Birstall, West Yorkshire, the business employed 84 people and specialised in providing logistics services to companies across the printed media, DIY, retail, horticulture, manufacturing and construction sectors. The business also operated out of a head office in Morley, near Leeds.
