TVR Express Limited appoints Quantuma as administrators
Rehan Ahmed and Tauseef Rashid of business advisory firm, Quantuma, were appointed as joint administrators of TVR Express Limited (TVR) on 21 February 21.
Founded in November 2015, the logistics company has two sites in Leyland, Lancashire and Winsford, Cheshire, and reported a turnover of £2.5m at the height of the pandemic. The business employs four people and is supported by a network of subcontractors.
After losing a large contract with Amazon, TVR was unable to sustain its business operations with its smaller contracts with other logistical companies alone.
All four staff members will be made redundant as a result of the administration, and ongoing contracts with its subcontractors will be terminated. The business will also have to close its two sites.
Rehan Ahmed, managing director at Quantuma, said: “The last few months have been demanding for those working in the logistics industry and TVR is no exception. The loss of a major contract has unfortunately resulted in staff being made redundant and the business having to close its doors.
“We will now seek to secure the best outcome for TVR’s stakeholders and partners.”