STR Logistics Limited – administration

STR Logistics Limited, a Devon-based transport firm, entered administration on 31 January. David Kemp and Richard Hunt of SFP were appointed Joint Administrators, and said that the company’s financial troubles were caused by a combination of rising costs, a shortage of available spare parts, increased lead time for vehicles and the general downturn of the economy. Immediately following their appointment, the Joint Administrators sold the company’s business and assets to Devon & Cornwall Logistics Limited, saving 144 jobs. Paragon Commercial Finance Limited and Paragon Business Finance PLC each has a registered charge against the company.