G-Force Logistics Limited (05429577): administration
- Status
- Administration ended
- Administration began
- 2023-05-26
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2005-04-19
- Location
- Salisbury
- Industry
- 78200 Temporary employment agency activities
Why it went into administration
- HMRC / tax arrears
- Loss of a key customer, supplier or contract
- COVID-19
- Cash flow / liquidity pressure
- Sustained trading losses
- Energy costs
- Supply chain disruption
- Creditor pressure / legal action
- Bad debts / customer insolvency
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 19 April 2005, but it remained dormant until September 2013 when it acquired the business and assets of G-Force Employment Limited from the appointed Administrators and as part of a pre-packaged Administration process. | confirm that we had no involvement in the previous administration.
Funding for the initial acquisition and trading period was provided by way of an invoice discounting facility from Bibby Financial Services Limited (“Bibby”) who were granted a fixed and floating charge over the Company's assets on 12 September 2013.
In October 2017, the Company jointly purchased its leasehold premises with the Director's SIPP, resulting in it owing 78% of the leasehold property and the SIPP owning the remaining 22%. Barclays Bank PLC (“Barclays”) provided a commercial loan in respect of the purchase.
Administrators' statement of proposals (2023-08-01) · Companies House register