October 22 - UK haulage and shipping group Charles Gee has called in restructuring firm FRP Advisory after suffering acute cashflow pressures following years of tough trading.
The 126-year-old company has been forced into administration after running out of cash, with administrators warning that job losses among its 250 staff are possible as they look for buyers of its various subsidiaries.
The company, named after its founder Charles Edward Gee, was established as a shipbroker in London in 1887, and has been active in heavy cargo shipping for many years.
According to a Press Association report FRP Advisory as stated that in line with economic issues facing many businesses, Charles Gee has faced challenging trading conditions for a number of years and despite the support of its loyal customer base, recent cash flow problems have prompted the need to seek the protection of administration.
www.charlesgeegroup.com
