Spirit Motortransport Limited (SC367526): administration
- Status
- Administration ended
- Administration began
- 2012-05-11
- Administrators
- John Malcolm Titley, Andrew Poxon
- Administrators' firm
- Leonard Curtis
- Formerly
- Spirit Logistics Limited
- Incorporated
- 2009-10-27
- Location
- Glasgow
- Industry
- 49410 Freight transport by road
Why it went into administration
- Loss of a key customer, supplier or contract
- Cash flow / liquidity pressure
- Sustained trading losses
From the administrators' statement
3.1. The Company was incorporated in October 2009 although was initially dormant. The Company began trading following the purchase of the business and assets of Spirit Autologistics Limited — in Administration and Eurotrans Contracts Limited — in Administration in July 2011. The directors of the Company since commencement of trade were Mr Richard Lawson, Mr Robert Anderson and Mr Kevin Bann.
3.2 The Company transported vehicles by road for a number of car manufacturers. The Company operated nationally. The Company traded from leased premises in Leeds, Sandtoft, Livingston and Kirriemuir. The Company also had a number of vehicles based at vehicle manufacturer depots.
The Company was funded by way of an invoice finance facility held with Close Invoice Finance Limited (‘Close ”), who hold security by way of a bond and floating charge dated 20 July 2011. Close hold a debt purchase agreement dated 20 July 2011 and under the terms of the debt purchase agreement all debts belong to Close. Further funding was provided by SMA (Leeds) Limited by way of a long term loan of £250,000 along with a trade account supplying fuel on a credit account basis. SMA (Leeds) Limited hold security by way of a floating charge over all assets created on 13 July 2011.
Administrators' statement of proposals (2012-07-09) · Companies House register