A family-owned transport, trucking and railroad company in Bristol has collapsed into administration.
Pucklechurch-based Toogood International Transport and Agricultural Services appointed Mark Boughey and Mike Field of business advisory firm Mazars as administrators on June 21.
The business has ceased to trade and all staff have been made redundant. The firm employed around 10 staff, according to Companies House records.
The administrators are now seeking a buyer for all or part of the company’s business and assets.
Toogood was established in 2006, and operated a warehousing and office facility near the city. The business was also the primary shirt sponsor of the Bristol Bears Rugby Club.
According to Mazars, the company appointed administrators after struggling with a "very difficult trading environment" following Brexit and the Covid-19 pandemic. More recently, a loss of international freight business, ongoing driver shortages and the increases in fuel prices caused the business to "suffer losses" and experience "significant" cash flow issues, the administrators said.
“We are sorry to see a prominent South West company like Toogood International Transport and Agricultural Services Limited cease trading," said Mr Boughey of Mazars.
"The business had traded very successfully for a number of years but suffered from a string of external factors that have ultimately resulted in the directors taking the difficult decision to enter administration. The headwinds of Brexit, Covid-19, driver shortages and, more recently, the fuel and energy crisis, have had devastating impact on the sector."
Mr Boughey said the directors decided to appoint administrators after concluding the business was no longer viable. He added: "The directors were keen to act quickly and prevent the position for creditors worsening and appointed administrators. We are working closely with the company and its key stakeholders, and it is hoped a buyer will be found for part or all of the business.”
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