S&S Distribution, the Kent-based haulier snapped up by Palletline last year, recorded a pre-tax loss shortly after its purchase, newly published accounts show. However, its new owner told Motortansport.co.uk it is back in the black. The firm was bought by the network in May 2015 and in results filed at Companies House it reported a £48,000 pre-tax loss for the 11 months to 30 June 2015, compared with a profit of £208,000 in the previous 12 months. Palletline said the […]
Bulk haulage firm Fred Sherwood & Sons saw its pre-tax profit tumble by three quarters to £644,000 last year as the firm battled declining asset resale values, rising fuel prices and pay rate pressures.
Creditors of Palletline Logistics (Midlands) have voted in favour of the company voluntary arrangement (CVA) applied for by the haulier last month. MD Bob Russett (pictured) told Motortransport.co.uk he had mixed feelings after approval of the CVA this week (16 May): relief that it had passed ensuring a future for the business, but disappointment that the action had been necessary. “We are trading profitability and intend to keep doing so,” says Russett. The Birmingham haulier’s cashflow problems stemmed from errors […]