Gogar Logistics Limited (SC255353): administration
- Status
- Administration ended
- Administration began
- 2016-06-15
- Administrators
- Alistair Mcalinden, Blair Carnegie Nimmo
- Administrators' firm
- KPMG
- Formerly
- Gogar Investments Limited
- Incorporated
- 2003-09-04
- Location
- Glasgow
- Industry
- 49410 Freight transport by road
Why it went into administration
- HMRC / tax arrears
- Management failings / irregularities
- Cash flow / liquidity pressure
- Over-expansion / investment not recovered
- Sustained trading losses
From the administrators' statement
During 2015, the Company was experiencing a period of rapid growth. This resulted in an increasing working capital requirement, which in turn resulted in cash flow pressure. Throughout this period, the Company was operating with a temporary overdraft, which resulted in a number of supplier payments being returned (when the temporary overdraft limit was breached). To ease the ongoing cash flow issues, the Director injected further funds into the business in the first quarter of 2016.
The Company was issued with a winding up order by HM Revenue & Customs ("HMRC") on 21 March 2016 in respect of substantial arrears of PAYE & VAT.
The Director advised he was unaware of the extent of the HMRC debt and immediately instructed external accountants to review the accounting records to ascertain how these arrears had
Administrators' statement of proposals (2016-08-12) · Companies House register