News: Logistics firm in administration
A Belfast-based third party logistics operator that only expanded into Rotherham last year has gone into administration.
Headquartered in Belfast and with facilities in Warwickshire, Rotherham and County Antrim, Selazar is a third party logistics (3pl) operator providing e-commerce fulfilment services, primarily for medium-sized and bespoke retailers throughout the UK.
Stuart Irwin and David Pike from Interpath Advisory were appointed joint administrators to Selazar Limited on 21 September 2023.
Admomistrators said that, in common with a number of other companies across the e-fulfilment sector, in recent times Selazar had seen significant inflation across its fixed cost base. This, coupled with the highly competitive nature of the market, had led to liquidity challenges.
In response to mounting cashflow pressures, the directors sought to explore their options including marketing the business for sale on an accelerated business. However, with no solvent outcome available, the directors took the difficult decision to seek the appointment of administrators.
Immediately following their appointment, the administrators sold the company’s assets, including its Intellectual Property and the Selazar trading platform, to Petra Financial Technologies LLC and MPN Technologies Ltd, entities within the Petra Group associated with the incumbent lender.
The business ceased to trade on the appointment of the joint administrators and the majority of the company’s 54 staff have been made redundant. Customers’ stock is currently held in warehouses formerly used by the company.
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Stuart Irwin, managing director at Interpath Advisory and joint administrator, said: “The logistics and e-fulfilment sector is currently experiencing a number of headwinds including rising costs and softening demand in the wake of fragile consumer confidence.
“Due to the cessation of trade and the sale of the assets, no further orders can or will be fulfilled by the Company, its warehouse partners or the purchaser. Customers are therefore advised to contact our team as a matter of urgency to make arrangements for the collection of stock.”
Irwin added: “As a matter of priority, we will also be providing support to those members of staff impacted by redundancy, including providing them with the information required to submit claims to the Redundancy Payments Office.”
Selazar opened a new 26,000 sq ft warehouse operation at Hellaby in Rotherham in October 2022. Operated in partnership with business processing outsourcing firm, Parseq, the aim was to increase its reach across the north of the UK. Selazar said at the time that up to 50 local jobs could be created as a result of the warehouse opening.
The business was founded in Belfast in 2018 and secured £20m from a large global investment group in 2021 to help the company to fast track its global expansion.
Selazar website
Images: Selazar
Headquartered in Belfast and with facilities in Warwickshire, Rotherham and County Antrim, Selazar is a third party logistics (3pl) operator providing e-commerce fulfilment services, primarily for medium-sized and bespoke retailers throughout the UK.
Stuart Irwin and David Pike from Interpath Advisory were appointed joint administrators to Selazar Limited on 21 September 2023.
Admomistrators said that, in common with a number of other companies across the e-fulfilment sector, in recent times Selazar had seen significant inflation across its fixed cost base. This, coupled with the highly competitive nature of the market, had led to liquidity challenges.
In response to mounting cashflow pressures, the directors sought to explore their options including marketing the business for sale on an accelerated business. However, with no solvent outcome available, the directors took the difficult decision to seek the appointment of administrators.
Immediately following their appointment, the administrators sold the company’s assets, including its Intellectual Property and the Selazar trading platform, to Petra Financial Technologies LLC and MPN Technologies Ltd, entities within the Petra Group associated with the incumbent lender.
The business ceased to trade on the appointment of the joint administrators and the majority of the company’s 54 staff have been made redundant. Customers’ stock is currently held in warehouses formerly used by the company.
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Stuart Irwin, managing director at Interpath Advisory and joint administrator, said: “The logistics and e-fulfilment sector is currently experiencing a number of headwinds including rising costs and softening demand in the wake of fragile consumer confidence.
“Due to the cessation of trade and the sale of the assets, no further orders can or will be fulfilled by the Company, its warehouse partners or the purchaser. Customers are therefore advised to contact our team as a matter of urgency to make arrangements for the collection of stock.”
Irwin added: “As a matter of priority, we will also be providing support to those members of staff impacted by redundancy, including providing them with the information required to submit claims to the Redundancy Payments Office.”
Selazar opened a new 26,000 sq ft warehouse operation at Hellaby in Rotherham in October 2022. Operated in partnership with business processing outsourcing firm, Parseq, the aim was to increase its reach across the north of the UK. Selazar said at the time that up to 50 local jobs could be created as a result of the warehouse opening.
The business was founded in Belfast in 2018 and secured £20m from a large global investment group in 2021 to help the company to fast track its global expansion.
Selazar website
Images: Selazar
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