Toogood International Transport and Agricultural Services Limited (05683971): administration
- Status
- In administration
- Administration began
- 2022-06-21
- Administrators
- Mark Guy Boughey, Rebecca Jane Dacre
- Administrators' firm
- Mazars
- Formerly
- Toogood International Transport Limited
- Incorporated
- 2006-01-23
- Location
- Bristol
- Industry
- 49410 Freight transport by road
Why it went into administration
- Creditor pressure / legal action
- COVID-19
- Cash flow / liquidity pressure
- Sustained trading losses
- Energy costs
- Supply chain disruption
- Bad debts / customer insolvency
- Property / lease costs
- Brexit
From the administrators' statement
The Company was incorporated on 23 January 2006 and was an independent express transport and haulage company based near Bristol, England.
The Company traded successfully over many years, experiencing a number of years of growth and achieving revenues of £9.1m and £8.2m in 2019 and 2020, respectively.
However, despite this, the onset of both Brexit and COVID-19 significantly impacted the trading environment, with revenues falling to £6.5 million in the year to March 2021. This, coupled with the loss of international freight business, ongoing driver shortages and substantial increases in fuel prices caused major cash flow pressures on the Company. The resulting cash flow issues resulted in the Company being unable to pay its debts as they fell due.
Administrators' statement of proposals (2022-07-23) · Companies House register