Five jobs have been saved at a Stoke-on-Trent haulage and logistics firm following its sale.
UK Drivers & Logistics Solutions Ltd, which went into administration on 23 March, has been sold in a pre-pack deal to R D Transport (Stoke).
A statement from Stoke-on-Trent insolvency and restructuring specialists Currie Young said the sale assisted in providing continuity to the company’s customers, and as a result, it is anticipated that the secured creditor will be repaid in full.
Higher costs associated with trading in administration, and complications relating to transport licenses, were avoided due to the swift nature of the sale.
Joint administrator Steve Currie said: “After the previous director passed away late last year, the company’s financial position was unstable due to inherited debts and increasing creditor pressure.
“A pre-packaged sale via an administration process to the newly appointed director was considered to be the best outcome compared to liquidation.
“The sale to R D Transport (Stoke) Limited was strategically chosen to preserve the value of the business and safeguard the jobs of the workforce. As a result of the sale, customer service has remained largely unaffected.”
