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Administrators called in to RT Steward haulage firm
Page 8
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Cost pressures within road transport are blamed for the downfall of RT Steward as all 50 of the firm's staff are laid off. Bridget Carter reports.
PROMINENT EAST Anglian fuel protester Bob Steward has been forced to shut the doors of his haulage firm, RT Steward, with debts of around 1 m.
The firm was placed into administration on 7 July and stopped trading after its bank refused to increase support for the bulk food distribution company.
A spokesman for administrator Grant Thornton says the firm's downfall came as a result of cost pressures in the industry.
"It's the environment within haulage at the moment. It isn't the most buoyant market. A lot of haulage businesses are struggling.
"It could only borrow so much money. It just got to a point where it had been losing money and it couldn't sustain the required cash flows any longer."
He confirms that the firm's 50 staff have been laid off.
Bob Steward and his wife Ann are listed as directors of the firm. Their sons Alastair and Andrew were previously directors but they resigned in May 2003 and June this year respectively. Steward established the firm 35 years ago after leaving school to work on a farm and drive a truck. Throughout his time in haulage Steward was well known in the East Anglian fuel protest movement and had given evidence to the House of Commons Environmental Transport and Regional Affairs Com mittee.
The administrators for RT Steward are Ian arr and Andrew Conquest.