Administrators sell TT Express (Oldham) Limited | KPMG | UK

Administrators achieve sale of TT Express (Oldham) Limited

Administrators sell TT Express (Oldham) Limited

Paul Flint and David Costley-Wood from KPMG’s Restructuring practice in Manchester were appointed Joint Administrators of TT Express Haulage (Oldham) Limited, a transport and logistics specialist, on Friday 15 September 2017.

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The company operated from leased premises in Royton, Oldham and was responsible for distribution on behalf of a number of large blue chip customers.

Immediately after their appointment, the joint administrators sold the business and its assets to TT Express Group Limited, an unconnected party. As part of the sale, all 56 members of staff transferred to the purchaser.

Paul Flint, associate partner at KPMG and Joint Administrator, commented: “Like many UK hauliers, in recent years the company experienced significant pressure on its margins and suffered loss of revenue as a consequence of a highly competitive market. As a result, the company incurred sustained trading losses prompting management to consider its strategic options.

“Over the summer, the company engaged with two different advisors in order to assess whether the business could be sold, or whether a different form of restructuring would be possible. Unfortunately, neither of these processes were successful and in the meantime, the company’s cash position became acute. KPMG was engaged in early September to ascertain if an accelerated sale would be possible. However, when it became evident that no solvent solution was available, the company was placed into administration.

“We are therefore delighted to have a concluded a sale of the business in such a quick timeframe, ensuring continued employment for the 56 members of staff. We wish the business all the best for the future”
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For further press information please contact:

Katy Broomhead
Senior PR Manager, KPMG Corporate Communications
T: 0161 246 4623 / 07824 537963
E: katy.broomhead@kpmg.co.uk


About KPMG
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 13,500 partners and staff. The UK firm recorded a revenue of £2.07 billion in the year ended 30 September 2016. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 152 countries and has 189,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
 

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