Anglo Overseas Limited
Sector: Logistics
International freight forwarder and one of the world’s major wine shippers and wine logistics companies, Anglo Overseas Limited, was forced into insolvency in January 2009. This followed a prolonged period of exceptionally difficult trading conditions and cash flow restrictions.
Glyn Mummery and Jeremy French, Partners at FRP Advisory LLP, were appointed as Joint Administrators.
Following their appointment immediate cost cutting measures were implemented which resulted in a more streamline business that was subsequently sold on protecting a significant amount of employees. A strategy was then was implemented to collect outstanding book debts which resulted in a 90% recovery of the outstanding ledger together with an orderly wind down of the non-profitable parts of the business.
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