Shortage of cash pushes haulier Charles Gee into administration

 
Marion Dakers
TRANSPORT and logistics group Charles Gee fell into administration yesterday after tough trading hit the firm’s cash flow.

The 125-year-old group started as a shipping charter firm in Gracechurch Street in the City of London, but has since diversified into air freight, road haulage and logistics.

Recent “acute cash flow pressures” have forced management to call in administrators from FRP Advisory, which is talking to customers and suppliers to weigh up options for the company and its subsidiaries.

The firm, which as 250 staff, will continue trading while buyers are sought, FRP said in a statement.

The company had hoped to gain work from the Hinkley Point C nuclear power plant, which was unveiled yesterday. It also has a major deal with Airbus to transport plane parts from UK factories.