Premiums kill off firm
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A Midlands transport firm owned by tycoon twins Don and Roy Richardson has closed with the loss of 25 jobs.
Richardsons Transport of Wolseley Road, Rugeley, Staffs, a subsidiary of the Richardsons' property development empire, blamed the cost of insuring its vehicles as the main reason for the closure. Drivers at the firm were told that high insurance premiums meant the company could no longer operate at a profit.
Lee Richardson, managing director of the firm and a son of Roy Richardson, confirmed
that the company had closed. "The cost of insuring vehicles has gone through the roof and this is one of the main reasons why the firm has closed," he said. We also had some vehicles stolen last year and since then our insurance costs have gone up considerably."
Some of the redundant drivers are hoping to find new jobs locally.
The multi-millionaire twins, who bat the massive Merry Hill shopping centre near Dudley, were recently said to be among the 10 richest businessmen in the country.