Rhys Davies & Sons enters administration


 

Just one year after being bought by Cathay Investments, Cardiff haulier Rhys Davies has gone under after accruing “unsustainable losses” during the Covid-19 pandemic. Ian Vickers and Philip Harris, partners at business advisory firm FRP, have been appointed joint administrators to Rhys Davies & Sons today (8 December). In a statement the auditors said Rhys Davies, which was founded in 1952, “had been acquired by Cathay Group after a long period of losses and despite significant investment from its owners […]