Deloitte has been confirmed as the administrator of Grangemouth-based Duncan Adams.
Following the administrator's appointment yesterday (6 March) after unsuccessful efforts to sell the business, 132 of the haulier’s 144 staff were made redundant.
According to Deloitte, the Palletways member had a fleet of around 100 trucks and an annual turnover of circa £16m.
Michael Magnay and Clare Boardman of Deloitte said in a statement that due to certain client contracts, the company has been incurring significant losses.
“Together, with difficult trading conditions in the industry over the past couple of years, these factors created cash pressure within the business.
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“Potential sale opportunities were explored by the business prior to the administrators’ appointment. However, in the limited time available, this did not lead to any serious expressions of interest. Accordingly, the administrators are implementing an organised wind-down of the business,” they said.
Magnay added that director Eric Adams had no alternative but to appoint administrators.
“This is an extremely difficult time for everyone involved and we are providing our utmost assistance to those affected as well as liaising with the Scottish Government’s Partnership Action for Continuing Employment agency,” Magnay said.
The joint administrators invite any parties with an interest in acquiring the business or assets of Duncan Adams to contact them on 0121 696 8569.
A Palletways spokesman said: “To maintain a 100% continuation of our service, Palletways has made alternative arrangements for all future collections and deliveries.
"We are committed to ensuring that customers receive the same first-class level of service that they have come to expect from the Palletways network.
"Duncan Adams has provided excellent service in their time with Palletways and we would like to thank them for their support and commitment.”
It comes as it was revealed that fellow Palletways member TAS Transport, based near London's Heathrow, had also been placed into administration in a challenging week for the pallet network.
