Legal Business

‘A black hole is not formed overnight’: Ince Group administration marks the demise of a storied shipping firm

For many, the collapse into administration of the Ince Group, the listed parent company of storied shipping firm Ince, was inevitable. A procession of public mishaps and falling revenue, combined with a string of high-profile partner departures, had left the future of the firm hanging in the balance for several months.

In April, following a drawn-out audit process for the financial year ended 31 March 2022, The Ince Group cited in a statement to the London Stock Exchange ‘increasing pressure on the cash flows of the business’, due to the length of the auditing process, as the push factor for entering administration. The audit is incomplete.