The transport company has fallen into administration after ‘an uncertain period’, however two of its units have been sold, providing a positive turnaround for the business. As a result, 110 jobs have been saved in the sale.
David Riley, Les Ross and Joe McLean of Grant Thornton were appointed joint administrators today (11th June).
While the warehousing business has been sold to Lomas Distribution, the bulk powder transport unit has been sold to Abbey Logistics Group. Taking over operations, Abbey Logistics now has a fleet of 104 trucks and 129 tankers.
Managing Director of Abbey Logistics, Steve Granite, commented, “We are extremely pleased to have secured this deal to acquire certain assets of Seafield Logistics which is a significant step forward for our bulk powder division. We entered this market in 2011 with the acquisition of RH Stevens, we organically grew that business by 120 per cent in 3 years and this latest acquisition will take that growth to 320 per cent in 4 years.”
This sounds similar to pre-pack administration as both moves have occurred very close together. However, as only part of the business has been sold and Seafield is continuing to trade, the deal is a sale of various assets.