CTS Transport Group Ltd (05008913): administration
- Status
- Administration ended
- Administration began
- 2024-09-03
- Administrators' firm
- Mazars
- Formerly
- Core Transport Limited
- Incorporated
- 2004-01-07
- Location
- Milton Keynes
- Industry
- 49410 Freight transport by road
Why it went into administration
- COVID-19
- Rising costs / inflation
- Supply chain disruption
- Creditor pressure / legal action
- Property / lease costs
- Over-expansion / investment not recovered
- Sustained trading losses
From the administrators' statement
The Company was incorporated as Core Transport Group on 7 January 2004, with the purpose of carrying on the business of the movement and storage of containerised goods by freight. It traded from a leasehold premises in Brigstock, Northamptonshire.
In 2016, the co-founder and sole shareholder of the Company made the decision to retire so sought a share sale of the Company. At this time, David Haines was the director and shareholder of a local haulage and tyre company, Central Tyre Salvage Limited and was looking for opportunities to expand this business.
On 8 April 2016, David Haines purchased the shares in the Company and became joint director and shareholder with his wife, Sheren Haines. This purchase was funded by a private loan in the sum of £100,000. The Company continued to grow its operation base as a subcontract haulier following this purchase, developing relationships with a number of haulage providers.
Administrators' statement of proposals (2024-10-25) · Companies House register