OVER 200 jobs have been lost at a Solihull logistics firm after the company faced financial difficulties.
Raj Mittal and Arvindar Jit Singh of FRP were appointed as joint administrators to Corporate Solutions Logistics.
The business, which ceased to trade shortly prior to the appointment, operated from sites across the UK and specialised in transporting goods for the supermarket industry.
In recent months, Corporate Solutions Logistics suffered from financial difficulties after the loss of some longstanding contracts and continued pressure on its profitability due to the rise in fuel prices and other input costs.
The directors conducted an accelerated sale process to find a buyer for the business and bring in fresh investment.
However, without any viable offers, the directors were forced to close the business.
Over 200 people have since been made redundant, with a handful of staff remaining in the short term to assist with winding-up the business’ operations.
Mittal said: “Like many other businesses in the logistics sector, Corporate Solutions has had to contend with a rapidly rising cost base, not least driven by high fuel prices, as well as weak economic growth and fierce competition over contracts.
“The business was unsustainable without any further investment and, with the business having ceased to trade, we will now move towards realising its assets.
“Regrettably, almost all roles at the business have been made redundant, we have a team providing support for impacted staff as they make claims to the Redundancy Payments Service during this difficult period.”
