International transport selects picks Mazars for administration
Global professional services firm Mazars has been appointed to the administration of Toogood International Transport and Agricultural Services. The family-owned express transport companies succumbed to a difficult period of trading, amid the UK’s current state of record inflation.
Amid the continued cost-of-living crisis, fuel prices have hit record highs in 2022. Petrol and diesel are now around the £2-per-litre mark, while on motorway services they have often moved beyond this price. The cost of filling up a car with petrol exceeded £100 for the first time in June 2022; something which is bad enough for consumers, but has also had dire consequences for the transport industry.
Founded in 2006, Toogood International Transport and Agricultural Services employed around 10 permanent staff, according to Companies House records. However, the South Gloucestershire origin firm has been forced to shutter its warehouse and office facility near Bristol, amid the major headwinds its sector now faces.
Known locally as the primary shirt and club sponsor of the Bristol Bears Rugby Club, Toogood endured “very difficult” trading during Brexit and Covid-19, before finally appointing administrators. Previously, it had enjoyed a number of years of growth and “successful” trading, but additional headwinds – including a loss of international freight business, the ongoing driver shortages, as well as the increases in fuel prices – were eventually too much to continue trading.
Mark Boughey and Mike Field of Mazars were appointed as joint administrators by the directors in late June, and are seeking a buyer for all or part of the company’s business and assets. All employees have been made redundant in the meantime.
Speaking on the firm’s downfall, Boughey stated, “We are sorry to see a prominent South-West company like Toogood International Transport and Agricultural Services cease trading. Once the conclusion was reached that the business was no longer viable, 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.”
