Fri, 11 Oct 2024 | ADMINISTRATION
Derbyshire-based truck rental, HGV contract hire and repair & maintenance firm PT Hire has slid into administration with the loss of 13 jobs.
The firm, which has a fleet of around 450 trucks, offered its services across the UK, including developing its own engineering facility for its own vehicles as well those of customers. It also created its own nationwide support network, offering a fast response to any breakdowns on the road.
Richard Bloomfield, Ian Corfield and Nathan Jones of specialist business advisory firm FRP Advisory were appointed as joint administrators of PT Hire on 7 October 2024. They said the company had faced challenging operating conditions after mechanical issues impacted a substantial proportion of its fleet. This resulted in cash flow difficulties that ultimately impacted its ability to remain solvent.
According to its most recent accounts filed to Companies House to March 31, 2023 the company had current assets of around £1.3 million but creditor amounts falling due within one year of £4.9 million. It had fixed assets of £13.7 million and net assets of £1.2 million.
Bloomfield said: “Despite being a trusted supplier across the sector for many years, mounting pressures resulted in the business being unable to meet its financial obligations, and regrettably, this has meant ceasing operations. We are now focused on supporting the employees affected to file claims with the Redundancy Payments Service." A small number of employees have been retained to assist the administrators.
The haulage sector has seen a large number of administrations over the last few months as a result of rising fuel and energy prices and uncertain consumer confidence. Data from the Department for Business and Trade has shown that a record 494 UK haulage firms entered insolvency in 2023 – double the number just two years earlier. It is also estimated that a third of firms in the sector are deemed at maximum risk.
Find out more about the risks and rewards in the logistics sector in our recent guide
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