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Financial crisis hits Richard Lawson
Page 6
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Administrators explore the options for Richard Lawson: Jennifer Ball reports.
CRIPPLING DEBTS and trading losses are being blamed for the financial crisis at car transport specialist Richard Lawson Autologistics which went into administration last Tuesday (14 September).
Administrator PricewaterhouseCoopers is now running the firm.
Bruce Cartwright, a partner at PwC, says the company has a strong track record with a bluechip client base. However, despite internal restructuring, it has experienced difficult trading conditions.
Cartwright explains: "It is proposedthat the company will continue to trade during a period of review, while we explore options with customers and other stakeholders to further reconstruct the company or achieve a sale as a going concern." Rune Gisvold, chairman of Richard Lawson Autologistics and chief financial officer of parent company Wallenius Wilhelmsen Lines, believes this is the most responsible option for the benefit of the company, its customers, employees and creditors.
David Pattison, senior analyst at industry analysts Plimsoll Publishing, is not surprised by the news: "The firm was running at a considerable loss. Any profit it made was absorbed by the interest payments on its debt."
Thanks to an annual turnover of £65m, Pattison adds that the firm would make a good acquisition for a company trying to enter the car transport market — if its liabilities were paid off. Phil Flanders, Scottish regional director for the Road Haulage Association, adds: "It's a sad day when a long-established operator goes down.
"lithe big boys can't make a go of it in transport what chance has anyone else got?"
The firm employs 500 people. High-profile clients include Vauxhall, Nissan and British Car Auctions.
Richard Lawson left the company he founded 30 years ago for the second time last February but stayed with its parent firm.
He had returned to the business a year earlier, having sold it in the early 1990s.