Lochace Limited (03122455): administration
- Status
- Administration ended
- Administration began
- 2023-12-22
- Administrators' firm
- Kroll
- Incorporated
- 1995-11-06
- Location
- London
- Industry
- 49410 Freight transport by road
Why it went into administration
- Energy costs
- COVID-19
- Supply chain disruption
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Rising costs / inflation
- Creditor pressure / legal action
- Property / lease costs
- Parent or group failure
- Rising interest rates
- Competition / price pressure
From the administrators' statement
Lochace and HG encountered a number of challenges in the lead up to the Administrations, the most notable of which was the driver shortages and increase in wages in 2021. In addition, further challenges were encountered during the COVID-19 pandemic and the repayment of the CBILS loan. Further challenges included global supply chain issues and increased energy and fuel costs exacerbated by the war in Ukraine.
Appointment
The Joint Administrators being Benjamin Wiles and Philip Dakin of Kroll, were appointed om 22December 2023 following by the Director (Llochace) and Shareholder (HG) in the High Court of Justice, The Business and Properties Court of England and Wales. The court reference numbers are 007151 of 2023 (HG) and 007152 of 2023 (Lochace).
Administrators' statement of proposals (2024-01-16) · Companies House register