Tue, 06 Feb 2024 | ADMINISTRATION
Bridgetime Transport Limited, a haulage company based in Cwmbran, South Wales, has fallen into administration. Huw Powell and Katrina Orum of Begbies Traynor’s Cardiff office were appointed as joint administrators of the company on January 31.
While few details of the company’s struggles have been disclosed, the administration comes amid mounting pressure and rising insolvencies in the UK’s haulage sector.
Bridgetime Transport, which was founded in 2002 as a small family-owned firm, has expanded to become one of the area’s main employers, with a workforce of close to 100 staff. In addition, the company, a subsidiary of Bridgetime Holdings, is a member of Pall-Ex, Fortec and APC and, in July of last year, joined the Pallet Network.
The company specialises in a wide range of logistics services, including general haulage, palletised freight, warehousing, storage and parcel deliveries and operates a fleet of more than 100 vehicles. It is headquartered at the Ty Coch Industrial Centre in Cwmbran, operating a 25,000 sq ft warehouse that is well located just off the M4 corridor.
Administrators from Begbies Traynor are yet to comment on the company’s administration, but, according to a report in industry publication MotorTransport, a spokesperson for the administrators has said that creditors will be contacted shortly.
In the company’s accounts for the year ending August 31 2022, its fixed assets were valued at over £1.1 million, while current assets amounted to nearly £2 million. At the time, the firm’s debts meant that net assets were valued at slightly over £923,000.
Insolvency rates among UK haulage firms have soared over the past two years, as the sector continues to be heavily impacted by ongoing economic uncertainty.
This rising distress has been cited as a factor behind growing M&A activity in the wider UK logistics industry
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