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Credit crunch claims victims across industry
Page 6
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By David Harr,, Roanna Avison and Christopher Walton THE VICTIMS OF the credit crunch are starting to mount as administrations and redundancies sweep the industry.
AK Transport Derbyshire, has gone into administration with the loss of 15 jobs.
Also, administrators have been called in at Milbank Trucks after the collapse of sister firm Milbank Floors at the end of October.
It has also emerged that Owens Road Services in Llanelli has been forced to lay-off 42 drivers over the past two weeks. At AK Transport, the 30 jobs remaining are under threat if a buyer can't be found. Administrator John Kelly, of Begbies Traynor, says the 50-truck firm opted to enter administration voluntarily because it was no longer making enough turnover to be sustainable. The firm works mainly in the construction and food industries. Kelly says: "We've had some interest in the firm and our aim is to keep it going until we can find a buyer. It was hit by rising fuel costs and a general reduction in trade.
KPMG was hired on 4 November to handle the Milbank Trucks administration, and 28 staff have been made redundant.
Milbank Trucks, which runs 110 HGVs and has an annual turnover of £14m, will continue to operate while KPMG searches for a buyer for the business.
In the meantime, Ian Jarmin environmental and legislation manager at Owens, tells CM that 42 drivers have been laid off at depots across the business — but while it has been forced to make redundancies because of the downturn in certain sectors of the economy, it is still doing well in fast-moving consumer goods (FMCG) and warehousing.
"We need to make sure that we come out of this impending recession stronger," he says.
To compound the current woe, analyst Plimsoll predicts a fall in sales growth coupled with job losses in 2009.