2nd February 2024
On 31 January 2024, Alex Cadwallader and Dane O’Hara, from Leonard Curtis, were appointed as Joint Administrators of Youngs Transportation & Logistics Limited and North West Cargo Limited.
Youngs has provided transport logistics and warehousing solutions to businesses of all sizes for more than 50 years, expanding in recent years across the UK with a number of acquisitions, including North West Cargo Ltd in 2020.
The two companies employed c250 people and operated across five sites in the South East, South Coast and North West of the UK. The combined turnover stood at over £40m with more than 100 vehicles in operation.
Alex Cadwallader from Leonard Curtis commented: “The UK logistics sector has been significantly impacted in recent months as a consequence of ongoing economic circumstances in the UK and wider factors affecting global freight and shipping. This has led to insurmountable working capital difficulties for Youngs Transportation & Logistics Limited and North West Cargo Limited which ultimately resulted in both entities entering into Administration.”
Leonard Curtis has been able to secure a sale for one of the company’s sites in the north west protecting a small number of jobs. Further sales of assets only have safeguarded a proportion of deliveries, albeit not on a going concern basis, to assist with recoveries. However two other sites are being shut down with significant redundancies being made.
The other companies within the Group are not subject to insolvency proceedings.
Dane O’Hara explained: “Whilst a wide marketing of the Group’s business and assets was undertaken prior to our appointment, a buyer for the entire operation could not be identified. However, via a number of smaller sales we have managed to safeguard parts of this long established business. We are also focused on assisting the large number of staff impacted by these administrations.”
Alex Cadwallader described the situation facing the whole sector as troubling: He said: “We expect the UK logistics market to remain a challenging trading environment throughout Q1 and Q2 of 2024.”