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No other way says firm
Page 8
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Yet another high-profile operator has called in the receiver after losing a contract. Dominic Perry reports.
THE LOSS OF one contract and the late start of another are being blamed for the financial difficulties at a long-established West Midlands haulage firm.
Solihull-based AD Humpherson was placed into administration on 18 November after its directors realised that it was effectively insolvent.
The firm specialises in Hazchem work and became a member of the Palletline pallet network in June, handling deliveries for the CV postcode area. As soon as the administration became known Humpherson was withdrawn from the network: deliveries and collections are being handled by other local members.
Administrator Kim Rayment from accountants BDO Stoy Hayward says: "The directors took a look at the forecasts and realised they were going to make a loss and therefore took the company into insolvency protection.
"The contract difficulties meant that there was not going to be sufficient turnover to cover its overheads. Without winning extra work they could not see a way of avoiding this," The firm was set up in 1956 and grew into a multi-million-pound warehousing and distribution operation.
Rayment hopes to sell the firm as a going concern but adds:"I was confident at the start of the week where we had several interested parties but they dragged their heels."
Ironically the firm had built some of its growth on the acquisi lion of a Cadbury contract previously handled by collapsed firm City Logistics.
Humpherson operates a fleet of 45 vehicles ranging from 3.5-44tanners and has a satellite depot in Bristol.