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
The company is a meat wholesaler offering a diverse range of poultry products to commercial customers such as butchers, restaurants, and takeaways, as well as serving the general public through an on-site stall.
The company supplies top catering establishments with high-quality fresh and frozen seafood. Dedicated to providing excellent customer service, the business portions seafood to the customer’s requirement and provides temperature-controlled delivery s...
The business is strategically located in the central belt of Scotland, offering easy access to motorways and transport links. This allows us to efficiently cover 80% of the populated areas in the central belt, providing convenience to both staff and...
19
|
Sep
|
Xeinadin announces 26th acquisition in two years | BUSINESS SALE
Professional services group Xeinadin has completed its 26th ...
19
|
Sep
|
Food and drink firm acquired by founding family | BUSINESS SALE
Aimia Foods Limited, a food and drink manufacturing company,...
18
|
Sep
|
Online travel business completes third investment in 12 months | BUSINESS SALE
Online travel business Travel Seen has acquired a majority s...
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.