Glasgow Car Movers Limited (SC312266): administration
- Status
- Administration ended
- Administration began
- 2023-09-12
- Administrators
- Alistair Mcalinden, Blair Carnegie Nimmo
- Administrators' firm
- Interpath Advisory
- Incorporated
- 2006-11-20
- Location
- Glasgow
- Industry
- 49410 Freight transport by road
Why it went into administration
- COVID-19
- Rising costs / inflation
- Energy costs
- Cyber attack / IT failure
From the administrators' statement
Covid19 and the slowdown in manufacture and movement of new cars negatively impacted the Company and placed pressures on the Company’s operating margins. The directors also referred to a material increase in fuel prices and staff wages as contributing factors to the Company’s demise. Cashflow was also negatively affected by significant vehicle finance commitments.
The directors worked hard to operate through Covid19 and personally provided significant funding support. As the business emerged from Covid19 it suffered business interruption due to a cyber-attack. Over recent months, trading conditions had been very challenging due to the loss of certain customers and input cost inflation and the Company was incurring losses and building up creditor arrears (including sums due to HM Revenue and Customs).
Having explored all options but faced with a scenario where the Company could no longer pay its debts as they fell due for payment, the directors sought professional advice and concluded that steps should be taken to place the Company into administration.
Administrators' statement of proposals (2023-10-23) · Companies House register