Spirit Autologistics Limited (SC291378): administration
- Status
- Administration ended
- Administration began
- 2011-07-13
- Administrators' firm
- BDO
- Incorporated
- 2005-10-06
- Location
- Glasgow
- Industry
- 6024
Why it went into administration
- HMRC / tax arrears
- Cash flow / liquidity pressure
- Sustained trading losses
- Competition / price pressure
From the administrators' statement
The Company operates in the autologistics sector and transports new and used vehicles for global OEMs and other new and used car retailers.
We were originally introduced to the Company by Clydesdale Bank plc, who provided banking facilities to the Company, in January 2010 and were engaged on 8 February 2010 to undertake an Independent Business Review following a poor winter trading period.
During 2010 as a result of increasing levels of repair costs associated with the Company’s ageing fleet of vehicles, aggressive hire purchase repayment schedules, a build up of HMRC liabilities, suppliers tightening credit terms and customers taking longer to pay, the Company was facing sustained cash flow pressure. As a result, we were subsequently engaged again on 10 January 2011 to undertake a further review of the Company trading performance and proposals for the future.
Administrators' statement of proposals (2011-08-25) · Companies House register