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Ipswich haulier goes into administration
Page 12
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By Joanna Bourke IPSWICH-BASED TMH liansport has entered administration after it lost a key customer following the theft of a lorry and its £25,000 tyre load.
According to TMH, on Friday 24 April, diesel payments bounced and the group was left with insufficient funds for wages, resulting in the appointment of administrator B&C Associates on 30 April.
TMH Transport managing director Marc Bridges says a cash-flow problem was caused by the loss of a two-year-old partnership with Stapleton's Tyre Services.
The tyre stockist decided to pull the plug at the end of January following a theft, two weeks earlier, of a truck and its load in Bedfordshire.
"I understand that as a major firm, Stapleton's Tyre Services had to be seen to do something to ensure this sort of theft would not happen again.
"However, for us, it accounted for 25% of business. Unfortunately, lorry drivers are at risk from freight crime," he says.
Bridge tells CM that everything came to a head on 24 April. "We had been having cash problems since last summer with high fuel costs and declining volumes. We were trying to keep up with seven-day payments when we were waiting up to eight weeks for our own payments."
There has been 15 driver redundancies at the firm, which operated nine HGVs.
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