The administrators of a wholesaler that managed logistics for personal care goods, that traded with clients in the Middle East, Africa, the USA and Europe, has instructed CAPA to audit the firm’s vast warehouses.
As the administrators of Excel Trading Group, MHA MacIntyre Hudson has instructed CAPA to carry out rates audits on the huge warehouses and other sites that the wholesaler traded from, to help boost recoveries for creditors.
Formerly based in Bolton, Excel Trading Group specialised in the trading of personal care and household products, such as soaps, shampoos, other bathroom items and cleaning products. Its market reach spanned the globe, with trading partners of household brands also spread across Asia and South America, as well as the middle eastern and western markets.
Up until the pandemic, the company had been highly profitable, posting a pre-tax profit of £7.6mn for the year to January 2020, which was an increase of £2.8mn on the year before. But the business was then heavily impacted by the pandemic, and financial problems continued until the start of 2022.
Due to the firm’s challenges a winding-up order was issued in late 2021 and in March this year, Steven Illes and Majit Shokar, of the corporate restructuring and insolvency firm MHA MacIntyre Hudson, were appointed liquidators.
They have now appointed CAPA which means CAPA’s Audit team will undertake a forensic analysis of business rates outgoings through the warehouses, using bespoke software to interrogate data on expenditure to the local authorities. The team will inspect the information to discover any errors and anomalies, before recovering any overpaid sums for the creditors on a no-win, no-fee basis.
