Glyn Mummery and Jeremy French, Client Partners at Vantis Business Recovery Services (BRS), a division of Vantis, the UK accounting, tax and business advisory group, were appointed Joint Administrators on the administration of Anglo Overseas Limited, the international freight forwarder, on 16th January 2009. The company’s European parent, Ziegler Group, is not affected.
Anglo Overseas Limited has 15 sites across the UK, including two bonded warehouses, with a head office in West Thurrock.
The business was forced into insolvency following a prolonged period of exceptionally difficult trading conditions. The company recently entered into a comprise agreement with HM Revenue & Customs regarding a VAT fraud which, as it was acknowledged, was not the fault of the company or its staff. This, compounded with cash flow restrictions, has resulted in the withdrawal of group support culminating in the appointment of administrators.
As a part of immediate cost-cutting measures, unfortunately 70 of the company’s 210 staff have had to be made redundant.
Commenting on the administration, Glyn Mummery said: “Anglo Overseas Limited has a great deal of heritage and is highly respected in the marketplace. It operates what is probably the second largest bonded warehouse in London, dealing with clients such as the champagne house that supplies the Royal Family. We are working closely with the management team to assess the opportunities to rescue all or parts of the business."