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PI INSrq .T.Nit('V
Page 7
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Firms fail in tough trading conditions
• CM COVER STORY
THE ECONOMIC CLIMATE continues to take its toll on the haulage sector with a string of insolvencies over the last few weeks.
Felixstowe-based LM Logistics Group has rounded off a miserable 12 months for the firm's directors, which have seen a lingering death for companies under their control.
What began with a Company Voluntary Arrangement at LM Logistics turned into full-blown insolvency at that firm and its sister operation Syntex Logistics. Their assets were subsequently sold to LM Logistics Group, which itself went under earlier this month. Staff from Chantrey Vcllacott were appointed on 6 August and it appears the business has ceased trading.
Meanwhile, Southampton haulier Edson Distribution has gone into liquidation leaving a total deficiency of £255,780, with the majority owed to trade creditors.
Also in financial difficulty is Sunderland-based furniture trans port specialist Harkers Distribution, with Ian Green arid Nicholas Reed of PricewaterhouseCoopers appointed joint administrators on 17 August. Harkers was effectively the transport arm of parent company Angel Distribution, which continues to trade.
Other casualties include: RCK Transport from St Helens; Sussex company Redman's Continental; Normic Road Transport from Leicestershire; and ACS Haulage in Tavistock.
• Felixstowe haulier K&M Haulage Ireland had its 0-licence revoked after a Cambridge Public Inquiry on finance grounds. For more info, see romitransport.com