Mazars has been appointed as administrators of Toogood International Transport and Agricultural Services Limited, independent family-owned express transport companies based in Pucklechurch, Bristol.
The effects of Brexit and Covid-19 made for a “very difficult” trading environment, following from a number of years of growth and “successful” trading.
Additionally, a loss of international freight business, the ongoing driver shortages, as well as the increases in fuel prices have caused the business to suffer losses and experience cash flow issues.
Due to the cash flow difficulties, the directors decided to place the company into administration. The business has ceased to trade, and all employees have been made redundant.
Mark Boughey and Mike Field of Mazars LLP were appointed as joint administrators by the directors on 21 June 2022 and are seeking a buyer for all or part of the company’s business and assets.
The company operated a warehousing and office facility near Bristol, and Toogood was recently known as the primary shirt and club sponsor of the Bristol Bears Rugby Club.
Mark Boughey of Mazars LLP said: “We are sorry to see a prominent South-West company like Toogood International Transport and Agricultural Services Limited cease trading.
“The headwinds of Brexit, Covid-19, driver shortages and, more recently, the fuel and energy crisis, have had a devastating impact on the sector.”
He added: “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.”