Mon, 12 Aug 2024 | ADMINISTRATION
A long-established family-run logistics firm based in Lancashire has fallen into administration, despite reporting revenue growth and returning to pre-tax profits in its most recent accounts. Preston-based H Parkinson Haulage provided services including transport, warehousing, repair and maintenance.
The company dates back to the early 1950s and operated from five bases in the North West and one in Wales. However, H Parkinson appointed insolvency experts from FRP Advisory as administrators on August 5, with vehicle operator licensing records showing that the surrender of the firm’s standard national licence for 85 HGVs and 160 trailers is currently under consideration by the traffic commissioner.
The administration comes despite the company seeing improved performance in its accounts for the year to June 30 2023, when it reported revenue of £16.3 million, up from £15 million in 2022, and a pre-tax profit of £69,000, having fallen to a £35,000 loss the previous year.
At the time, the company stated that it had increased rates to mitigate rising costs and sustain its contractual and general work in the face of mounting industry challenges. However, it also alluded to ongoing obstacles to the business, with haulage industry competition said to be “fierce” amid “supply chain disruption, driver availability and inflation.”
The company added: “The increase in inflation has far-reaching effects to all costs within the business pushing the extra costs to the customers where possible but continually threatening profit margins.”
In its 2023 accounts, the company’s fixed assets were valued at £4.3 million and current assets at slightly over £4 million. At the time, it owed creditors more than £7 million, with total equity amounting to just over £1 million.
Companies involved in road freight transport are currently among the most likely to be in insolvency or administration proceedings
Find out more about the challenges facing UK haulage companies
Builders Merchants which occupies a prime trading position on a sought-after trading estate. It has been under the proud ownership of our client since 2000 during which time they have made considerable investment in establishing the area’s premier su...
The wholesale business has an established trading history and has built up a strong reputation and a loyal customer base. Business is drawn from a wide demographic of clients with a good spread across different business sectors.
Available on the market for an acquirer seeking a superbly appointed West Yorkshire timber and garden product merchant. This wholesale operation was established in 2004.
22
|
Nov
|
Construction firm Lyjon calls in administrators | ADMINISTRATION
Cheshire-based contractor Lyjon Group has appointed administ...
22
|
Nov
|
Historic Yorkshire yarn maker weaves towards employee ownership | BUSINESS SALE
A West Yorkshire yarn manufacturer that dates back to before...
22
|
Nov
|
Redsquid going national after new funding and acquisition | BUSINESS SALE
IT managed service provider (MSP) Redsquid is going national...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.