Mark Stewart Limited, a transport and logistics business based in North Killingholme entered administration on 18th October, 2023. The firm issued a notice of appointment to administrators at the start of the week. Bibby Financial Services, the applicant behind this action, holds a charge over the company. Mark Stewart provides transport and logistics services throughout the UK, mainland Europe, and Scandinavia, with a focus on serving the North Lincolnshire ports of Immingham and Killingholme.

Mark Stewart has extensive experience in the logistics industry. Their services range from haulage and freight forwarding to warehousing and supply chain management.

In their most recent financial report (up to October 2022) Mark Stewart reported a loss of £200,000 and had had 25 employees on board at the time. Unfortunately, this administration means that more than 40 jobs will be lost.

Administrators appointed on 18th October

Mark Hodgett and Philip Pierce from FRP advisory have been appointed as Mark Stewart’s administrators. The firm was trading under the name “Mark Stewart International Transport” with an operating fleet of nine trailers and 37 trucks. However, the last few months saw severe cash flow difficulties due to declining revenues in challenging trading conditions. They ultimately ceased trading on October 13.

41 employees have been made redundant. Only five employees have been retained to assist in the orderly wind-down of the business in the coming weeks. There are no viable prospects for selling the business currently. Administrators are now preparing for an asset sale, managed by the agency Sanderson Weatherall.

Mark Hodgett, a restructuring advisory partner at FRP and joint administrator of Mark Stewart Ltd, acknowledged the company’s long-standing presence in the logistics sector but emphasised the impact of a sustained decline in demand. Efforts are underway to support affected individuals in filing claims with the Redundancy Payments Services.

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