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Charles Gee to be wound up

[ November 19, 2013   //   ]

Long-established freight and shipping company forwarder the Charles Gee Group is to be wound up after administrators failed to find a buyer for the forwarding part of the business. The company, which employed 250 staff went into receivership on 21 October, citing “acute cash flow pressures” and appointed FRP Advisory as joint administrators.

A buyer was quickly found for the Group’s road transport subsidiary C&H (Hauliers) which was sold to C M Downton, saving 180 jobs but trading conditions in transport and logistics have remained tough and no buyers have emerged for the remainder of the Charles Gee business as a going concern, says FRP Advisory. Trading has now ceased trading at the remaining Charles Gee companies and most of the remaining employees made redundant.

Phil Armstrong, partner at FRP Advisory and joint administrator, said: “The Group was put into administration following a sharp deterioration in trading leading to severe cash flow pressures. The administration process provided a moratorium while active discussions were carried out for the sale of the business and its assets of the Group which resulted in the sale of C&H (Hauliers) Ltd which preserved 180 of the overall 250 jobs of the Charles Gee Group, but regrettably amid a challenging wider economy for logistics, no buyers emerged for the rest of the business which has now ceased trading and a redundancy process is underway for the remaining 70 jobs.”

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