... as Joseph Rice blames crippling fuel costs for the company’s collapse
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JOSEPH RICE and Sons, one of Britain’s oldest haulage irms, has cited the rising cost of fuel as the major factor behind its collapse.
Director Nigel Rice conirmed to CM that the family-owned haulier, based in Hempsted, Gloucester, has ceased trading after 161 years.
Rice says the irm, also known as Joseph Rice Logistics, will be liquidated and that it is likely its 25 trucks and 15 trailers will be auctioned off. “Joseph Rice and Sons ceased trading as of Wednesday [2 March]. I’m the ifth generation of the family in the business, which has been trading since 1850. It’s very sad what has happened,” Rice says.
He adds that several of his 33 former employees have already found new jobs.
The biggest reason for the collapse of the irm, according to Rice, is the “soaring cost of fuel”, although he highlights customers delaying payment of their bills as another important factor.
“Increases in the cost of fuel have affected us, prices have gone up dramatically recently. Another blow was the bad weather during December as well as the rise in VAT. Strangely, things were beginning to pick up in February and we have had a full order book in recent weeks, but it has come too late for the company.” Property company Joseph Rice Truck Services is not affected by the collapse of its sister irm.