Absolute Freight Solutions Limited (06877219): administration
- Status
- Administration ended
- Administration began
- 2011-11-23
- Administrators
- Jamie Playford
- Administrators' firm
- Acuity Professional Partnership
- Incorporated
- 2009-04-15
- Location
- Norwich
- Industry
- 6024
Why it went into administration
- Supply chain disruption
- Bad debts / customer insolvency
- Weather / natural events
- Rising costs / inflation
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Creditor pressure / legal action
- Sustained trading losses
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 15 Apnl 2009 to provide freight transport to tts customers
The Company purchased vehicles on finance and arranged an invoice factoring agreement In the first year the Company made a modest profit
The down tum in global transportation and the general economic conditions resulted in a drastic reduction in sales in the latter half of 2010 and the first half of 2011 This included losing several key contracts and the Company also suffered some bad debts from customers entering insolvency procedures The Company was also adversely affected by the severe weather conditions in winter 2010 A number of key costs increased in 2010 and 2011 including fuel, insurance and the utilities costs involved in operating the Company’s leased premises
Administrators' statement of proposals (2012-01-24) · Companies House register