Hurst goes bust, with 79 made redundant
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HURST TRANSPORT has collapsed, making 79 employees redundant, after struggling with volatile diesel prices during a tough winter.
The Stallingborough, Lincolnshire-based haulier went under on Friday 18 March, with the appointment of Ian Green and Chris Rooney of PricewaterhouseCoopers as joint administrators.
Rooney says the operator struggled with a combination of external challenges, including the poor winter weather, volatile fuel prices, and the generally lat demand in the economy.
He adds: “These factors have led to the business suffering unsustainable losses, which have regrettably resulted in the closure of the business.” As a result 79 out of 84 staff have been made redundant at the irm, which had an annual turnover of £8m.
The Fortec and Hazchem Network member had an O-licence for 175 vehicles and 175 trailers, but according to PricewaterhouseCoopers, at the time of insolvency Hurst Transport was running approximately 50 trucks.
The insolvency comes about 18 months after the business entered a company voluntary arrangement (CVA).