Stuart Irwin and David Pike from Interpath Advisory were appointed joint administrators to Selazar Limited on 21 September 2023.
Headquartered in Belfast and with facilities in Warwickshire, Rotherham and County Antrim, Selazar is a third party logistics operator providing e-commerce fulfilment services.
In common with a number of other companies across the e-fulfilment sector, in recent times the Company had seen significant inflation across the Company’s 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 regrettably, the majority of the Company’s 54 staff have been made redundant.
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.”
Stuart 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.”
Information for customers
The Joint Administrators are aware that customers’ stock is currently held in warehouses formerly used by the Company. The administrators are conscious of the effect of the cessation of trade on customers and have sought and received funding to retain a limited number of Selazar staff to assist in an expedited return of stock to customers.
Customers are therefore requested, as a matter of urgency, to contact the administration team via the following details to discuss arrangements for the collection of stock from these warehouses.
Email: [email protected]
Customers are advised that they should not attempt to collect stock prior to speaking to the Joint Administrators, as they may not be able to access to the premises.
