TWT Logistics Limited (02914472): administration
- Status
- Administration ended
- Administration began
- 2024-03-27
- Administrators' firm
- Kroll
- Formerly
- J.W.T. Limited
- Incorporated
- 1994-03-30
- Location
- London
- Industry
- 49410 Freight transport by road
Why it went into administration
- Loss of a key customer, supplier or contract
- Property / lease costs
From the administrators' statement
Following Aquila’s purchase of TWT and Switch, the Companies were integrated into the Aquila logistics and distribution operation. The structure of the sale and purchase agreement was such that TWT continued to occupy the leasehold premises and entered into long term vehicle rental agreements to rent certain of its fleet. The landlord and lessor of the vehicle fleet was TWT Limited, while Trevor Taylor was also noted as a landlord on the lease.
In February 2023 two of the Companies’ senior management team resigned from TWT. The loss of key personnel resulted in a significant loss of corporate knowledge and a loss of goodwill with customers.
TWT historically held long-standing relationships with a range of established brands, however in Q2 2023, TWT were notified by several customers that the TWT contracts were to be retendered. As a result, in Q1 2024, TWT lost several key customer contracts which accounted for approximately 50% of TWT's revenue.
Administrators' statement of proposals (2024-05-13) · Companies House register