Thu, 04 Apr 2024 | ADMINISTRATION
A Leicestershire-headquartered haulage company that has been trading for around 44 years has fallen into administration after struggling to secure its future over recent weeks. S&J European Haulage Limited, which is headquartered at the Asfordby Business Park in Melton Mowbray, filed an initial notice of intention (NOI) to appoint administrators on February 23 via law firm Brown Jacobson.
This was followed by a second NOI, filed on March 6, providing further protection from Creditors. However, the firm, which is a member of the Palletline network of logistics companies, has ultimately fallen into administration, appointing Alvarez & Marshal as administrators on March 26.
In the company’s most recent accounts at Companies House, for the year ending November 30 2022, it reported turnover of £12.7 million, a 3.5 per cent increase from £12.3 million a year earlier, after seeing "a quick return to pre- COVID trading levels in the previous year.”
However, despite this rise, the company’s pre-tax profits fell considerably from £356,038 in 2021 to £245,737 in 2021. In their report, the company’s directors stated that “significant inflationary cost pressures” had impacted the wider haulage industry and led to the drop in profitability. The directors also noted threats to the business from factors including Russia’s war in Ukraine and the ongoing effects of COVID-19 and Brexit.
At the time of those accounts, the company’s fixed assets were valued at £3.9 million and current assets at £3.6 million. The company’s debts left it with net assets totalling around £1.25 million.
S&J European Haulage, which was started by husband-and-wife Steve and Jane Haines in 1980 with just one van, has a fleet of more than 50 vehicles, including articulated trailers and tail lift vans. In addition to haulage, the company also offers warehousing, storage and pallet distribution services.
Read more about rising insolvency levels in the UK haulage sector
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