Rhys Davies saw revenue halve and monthly losses triple as Covid-19 pandemic hit


 

Cardiff haulier Rhys Davies suffered a 50% fall in revenue with losses mounting to £3.5m in the year after it was bought by Cathay Investments, motortransport.co.uk has learnt. The haulier went into administration earlier this month just one year after its acquisition by Cathay Investments, after accruing “significant and unsustainable” losses. Joint administrators Ian Vickers and Philip Harris of FRP Advisory said the losses had been exacerbated by the impact of the Covid-19 pandemic. This week, potential bidders for the […]