Grangemouth Dock-based Duncan Adams is believed to have been placed into administration putting 148 jobs at risk.
The haulier, established in 1960 by Duncan Adams, claims to be one of the largest privately owned haulage companies in Scotland.
The firm, which has a base at Tyne Dock and an operating centre in Perth too, undertook general and international haulage and container storage.
Via Adams Logistics it was a member of the Palletways pallet network too.
Although it increased its turnover significantly in its most recent accounts for the year to 20 April 2018 by more than 46% to £24.9m (2017: £17m) it has been loss making for the past three years.
For the year to 30 April 2018, the firm’s pre-tax loss ballooned to £1.3m having been £290,801 a year earlier. In its 2016 reporting period it made a loss of £48,015.
Accounting errors
The company’s most recently filed accounts warn of accounting errors dating back to the year ended 31 October 2016 that totalled more than half a million pounds.
According to the director's statement within, they were only discovered after a forensic report prompted by the arrival on a new financial controller in June 2017.
In the same accounts auditing firm Drummond Laurie questioned the company’s ability to continue as a going concern.
It highlighted an arrangement with unsecured creditors running until May 2019 to pay back arrears.
“Although all payments are being made in a timely manner with over 64% of arrears currently paid, the failure to generate sufficient cash profits to pay the arrears and ongoing debts as they fall due could possibly result in demand for payment in full.
“These events or conditions, along with other matters… indicate that a possible material uncertainty exists that may cast doubt on the company’s ability to continue as a going concern,” concluded the auditor.
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The firm, set up by Duncan and Cathie Adams, is run by son Eric Adams, who is listed as a director and is also named as the transport manager on the haulier’s O-licences.
It has combined O-licences authorising up to 127 vehicles and 262 trailers across multiple sites.
A report in the Falkirk Herald said staff at the firm had been sent home on Tuesday and an as yet unnamed administrator appointed today.
A spokesman for Palletways told motortransport.co.uk that it is preparing a statement in regards service continuity.
Calls and emails to Duncan Adams went unanswered.
