By Harry Mottram: Debt is one of the factors dragging down businesses across the country with payment of loans to lenders overdue and the fall out from the Brexit business deal, covid, fuels cost hikes and the rise in interest rates exacerbating the situation.
The Department of Transport has reported that hauliers desperate to keep their trucks on the road are sending them out half full or almost empty. In a report from the BBC this summer Katharine Latham wrote: “In the UK, heavy goods vehicles (HGVs) travel empty, for over three billion miles every year, according to the Department for Transport (DfT). This is the equivalent of driving to the moon and back 6,500 times – or more than 5,000 years of driving.”
Clearly it is not financially sustainable for any company, said Ian Carrotte of ICSM, whose members include numerous hauliers and firms in the logistics industries. He said: “The trade publication Motor Transport has covered the collapse of numerous firms in the sector with KNP Logistics collapsing earlier this summer, and difficulties with their factoring supplier has been blamed by the Lloyd Fraser Group and its parent company Barbican Capital of its demise this month.”
Motor Transport’s Chris Tindall also reported on another firm going bust this month. He reported: “Vehicle transport specialist Glasgow Car Movers has entered administration with all 25 of its staff made redundant. Established in 1999 in Uddingston, Glasgow, the company regularly transported more than 1,000 vehicles each week across the UK and relied on a fleet of 28 HGVs operating out of two bases. According to administrator Interpath Advisory, the company had experienced liquidity pressures, in part due to the impact of the Covid-19 pandemic, coupled with rising costs. After reviewing their options, the directors resolved to appoint administrators on 12 September.”
Debt, a lack of trade and rising costs and interest rates making repayments more difficult appear to be the common factors – and running half empty lorries is only a sign that things are in a bad way. ICSM has also recorded that liquidators have been appointed to these firms in the last few weeks:
AMA LOGISTICS LIMITED 09212317
ASH LOGISTICS LIMITED 05422895
AULD TRANSPORT LIMITED 05152591
BIRMINGHAM TRUCK & BUS (GARAGES) LTD 11853322
BROADHURST TRANSPORT LIMITED 06512984
COURIER CARS (LONDON) LIMITED 06054078
C.C.T. LOGISTICS LIMITED 02878795
DAL COURIERS LTD 07867240
DAVE STONE DESIGN (CHESTERFIELD) LTD 11582321
DGK TRANSPORT LTD 09477681
DMR HAULAGE LIMITED 08957136
LIGHTNING EXPRESS WAREHOUSING AND DISTRIBUTION LTD 08763908
LITTLE GEM BUS COMPANY LTD 03695981
LOCKSTONE TRANSPORT LIMITED 06616990
M&M TRANSPORT SOLUTIONS LIMITED 11557196
PREMIER CARRIERS (SAME DAY) INTERNATIONAL LTD 05812892
ROAD COLLECTION NETWORK LIMITED 11209327
ROSCORP LOGISTICS LIMITED 11393382
STARY HAULAGE LTD 08389215
THE ELECTRIC MOTORBIKE COMPANY LTD 11136345
Administrators have been appointed to these firms:
FREIGHT MANAGEMENT EUROPEAN LIMITED 03488266
S C LYONS HAULAGE LIMITED 08882250
PHOENIX WORLDWIDE LOGISTICS LTD 02473670
WESTBROOK INDUSTRIAL LTD 03454941
While winding up orders have been filed to these companies:
EURO STORAGE (UK) LIMITED 03322498
MARITIME UK LOGISTICS LTD 12207836
MIDLANDS LOGISTICS LTD 12607241
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ICSM CREDIT
For information on ICSM visit www.icsmcredit.com or call 0844 854 1850.
ICSM, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR. Tel: 0844 854 1850. www.icsmcredit.com. Ian.carrotte@icsmcredit.com