Specialist HGV training firm PB Transport Solutions has entered liquidation following the outbreak of the COVID-19 virus.
The Pucklechurch, Bristol-based company appointed joint liquidators from Mazars LLP on 9 April and 11 employees have been made redundant.
The company was established in 2011 and supplied a range of transport training courses in the South West.
It also operated a 35,000 sq ft warehouse.
In the year ending April 2019 PB Transport Solutions had expanded to reach a turnover of £1m, but Mazars said that by then it was already trading in a challenging business environment after the Brexit referendum caused a decline in demand for its warehousing facilities.
It lost key customers and then following the onset of the coronavirus its entire driver training operation was gradually shut down.
Mazars said that in the absence of alternative work being readily available and the resulting cash flow difficulties, the directors decided that the company had to be placed into liquidation.
Liquidator Tim Ball said: “It is sad to see a company like PB Transport Solutions fail as it is a business that has successfully traded for a number of years.
“External factors have impacted this business which has, in its most recent year, been profitable.
“Unfortunately, given a very significant drop off in trade, the company has run out of cash and the directors had to make the difficult decision to enter liquidation to prevent the position for creditors worsening.”
