Insolvency practitioners SFP have been appointed administrators of an international logistics freight forwarding company after the firm amassed debts of £400,000.

Navistar Global Logistics Limited - which specialised in air and sea freight, road haulage, transfer customs clearance and storage and fulfilment - fell into financial difficulties despite having a major contract with Palletforce plc.

Headquartered in Feltham, the firm boasted warehousing in London, West Bromwich, Manchester and Newcastle. It employed 23 people and had a £2m annual turnover.

Daniel Plant, a partner at SFP, said it was the third case of a haulage firm going under that he has seen in the last six months: 'The haulage sector is extremely competitive in the current economic climate with petrol costs putting a squeeze on suppliers and margins. Navistar Global Logistics Limited has run into cashflow difficulties and despite discussions with a number of interested parties, it has ceased trading.'