ICSM Insolvency News: search for buyer or investor of Somerset haulage firm struggling to survive

By Harry Mottram: A Somerset haulage firm could make a pre-tax profit if it is rescued from insolvency as a going concern with a company voluntary arrangement (CVA). That is the view of insolvency practitioners at Leonard Curtis who are seeking to save S C Lyons Haulage, an independent family business. The firm’s troubles come as more haulage firms in the country go to the wall during trading difficulties including this autumn Lloyd Fraser, Steve Porter and Knights of Old from the KNP Logistics Group and Glasgow Car Movers.

Writing in Motor Transport Chris Tindall reported: “The haulier, which operated HGVs out of two bases in Axbridge, Somerset, called in administrators last month after pressure was placed on it by HM Revenue & Customs for VAT and PAYE liabilities. S C Lyons Haulage, an independent family business, had been trading since 2014 but it began to accrue ‘a significant amount of borrowing’ with its bank during 2016, Leonard Curtis explained to creditors in a report. It then suffered difficulties due to the Covid-19 pandemic and the cost of living crisis and its liabilities increased significantly as a result.”

Ian Carrotte of ICSM – the membership group dedicated to preventing bad debts and later payment – said the group has a large number of hauliers and the word amongst members is there are cash flow problems in the industry. He said: “it’s interesting to note the report by Leonard Curtis mentions the cost or the amount of borrowing. So many firms who took out loans during the Covid crisis have experienced problems in repaying those loans due to the state of business coming out of the lockdowns. There is also the problem of getting payment for the haulier which the Insolvency Practioner mentions.”

Motor Transport’s Chris Tindall noted: “Leonard Curtis said S C Lyons’ finances suggested it could be rescued; in the year ending 28 February it reported a turnover of £593,000 and a pre-tax profit of £68,000.”

In the IP’s report it stated: ““In this period, the company faced ongoing cashflow issues due to a protracted issue in collecting debts as they fell due. The failure of the company to service its ongoing VAT and PAYE liabilities resulted in HM Revenue & Customs petitioning for the winding up of the company.”

Other Logistic firms in trouble recently:

ADMINISTRATORS APPOINTED

FREIGHT MANAGEMENT EUROPEAN LIMITED    03488266

S C LYONS HAULAGE LIMITED    08882250

PHOENIX WORLDWIDE LOGISTICS LTD    02473670

WESTBROOK INDUSTRIAL LTD    03454941

 

ADMINISTRATION CREDITORS MEETING   

FLYBE LIMITED    12875147

 

COMPULSORY LIQUIDATOR APPOINTED   

EAST COAST HAULAGE LTD    12616560

 

CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS

ACK LOGISTICS LIMITED    09479429

ASH LOGISTICS LIMITED    05422895

BROADHURST TRANSPORT LIMITED    06512984

GGC LOGISTICS LTD     11916489

OPTIMUS LOGISTICS LIMITED    11195103

ORACLE TRANSPORT LTD    09070930

 

LIQUIDATORS APPOINTED

AMA LOGISTICS LIMITED    09212317

ASH LOGISTICS LIMITED    05422895

AULD TRANSPORT LIMITED    05152591

BIRMINGHAM TRUCK & BUS (GARAGES) LTD    11853322

BROADHURST TRANSPORT LIMITED    06512984

COURIER CARS (LONDON) LIMITED    06054078

C.C.T. LOGISTICS LIMITED    02878795

DAL COURIERS LTD    07867240

DAVE STONE DESIGN (CHESTERFIELD) LTD    11582321

DGK TRANSPORT LTD    09477681

DMR HAULAGE LIMITED    08957136

LIGHTNING EXPRESS WAREHOUSING AND DISTRIBUTION LTD    08763908

LITTLE GEM BUS COMPANY LTD    03695981

LOCKSTONE TRANSPORT LIMITED    06616990

M&M TRANSPORT SOLUTIONS LIMITED    11557196

PREMIER CARRIERS (SAME DAY) INTERNATIONAL LTD    05812892

ROAD COLLECTION NETWORK LIMITED    11209327

ROSCORP LOGISTICS LIMITED    11393382

STARY HAULAGE LTD    08389215

THE ELECTRIC MOTORBIKE COMPANY LTD    11136345

 

MEMBERS' VOLUNTARY LIQUIDATIONS

AIRSYM EXPRESS LIMITED    13635586

INTACT FREIGHT LIMITED    03995968

SYNERGY AIRCRAFT LEASING LIMITED    05550129

 

PETITIONS TO WIND UP

EURO STORAGE (UK) LIMITED    03322498

HH BROTHERS LOGISTICS LIMITED    14092469

LIBERTY COURIERS LTD    11668706

SMART LOGISTICS PRO LIMITED    11381168

XPRESS SAMEDAY LIMITED    08357571

 

PETITION DISMISSED

HAPS LOGISTICS LIMITED     11620973

 

WINDING UP ORDERS

EURO STORAGE (UK) LIMITED    03322498

MARITIME UK LOGISTICS LTD    12207836

MIDLANDS LOGISTICS LTD    12607241

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