Kingswood crisis puts jobs at risk
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by Miles Brignall • Southamptonbased international haulier Kingswood Transport has suspended trading, leaving 33 drivers with an uncertain future.
As CM went to press operations director Anne-Marie Del Valle confirmed that the company was not currently trading. She would not say if a receiver was due to be appointed.
As news of the company's problems spread last Friday (19 May), Kingswood drivers were forced to dump their vehicles in the ferry compound at Le Havre and hitch lifts back to England.
Industry insiders say many of the firm's problems were brought on by the recent strength of the French Franc. The company's core business is moving palletised chemicals. A number of French companies, including Norbert Dentressangle, are said to be interested in buying the £4m-a-yearturnover firm. As recently as November 1993 Kingswood was due to open a Marseilles operation to complement its Le Havre office. Owner Les Flack brought in Terry Vincent who raised .4335,000, a combination of his own money and that raised through venture finance group 3i.
Together with Anne-Marie Del Valle, a multilingual director, the three set about building an international operation. Registration with the French equivalent of the Chamber of Commerce allowed the company to employ French drivers and was designed to let it compete with French hauliers on equal terms. At its height Kingswood had more than 180 trailers on European roads.
Les Flack is believed to be in France possibly involved in negotiations with potential buyers.
As well as Norbert Dentressangle, possible contenders include the Transport Giraud group, which bought Stirling-based Barbour European last year.