Brian Yeardley Continental is proposing to issue a company voluntary arrangement after its events transport division, TRUCKINGBY Brian Yeardley, suffered the “devastating” loss of £12m due to the Covid-19 pandemic.

The West Yorkshire-based haulier has appointed partners Charles King and Hunter Kelly of EY to oversee the process.

In a statement issued this week the company said that, while the company’s general cargo division has recovered to around 60% of pre-pandemic levels, Covid-19 had had a “material impact” on its live event logistics division, which specialises in supplying trucking services to bands and events companies across the UK and Europe.

Director Kevin Hopper told “While Brian Yeardley Continental’s historic European general cargo business remains profitable, the loss of £12m of music touring across the UK, Europe and Russia this year has had a devastating effect on the business' cash flow due to large investment in specialist trucks and trailers to fulfil its confirmed order book for 2020.

“Throughout 2020 the main focus of the management has been to protect the jobs of its loyal employees and have the best interests it possibly can towards its suppliers and customer base. The CVA allows the company to trade through the Covid-19 pandemic and the devastating effect it has had on the British and European economy and industry.”

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TRUCKINGBY Bran Yeardley was launched in 2014 and grew rapidly, building a fleet consisting largely of DAF XF Super Space cabs sporting a red and white livery depicting the silhouette of a rapturous festival crowd.

The division has won deals with major music industry clients including Florence and the Machine, the Red Hot Chili Peppers, Phil Collins, the Foals, Sir Cliff Richard, Sir Van Morrison, ZZ Top, Def Leppard and Elvis Costello.

Charles King, joint nominee and strategy and transactions associate partner at EY, said: “By responding quickly to reduce costs in the early stages of the first lockdown, the directors were able to take steps to protect the business. However, the extended suspension of live events and gatherings has meant that the business needs more time and forbearance to recover.

“The structure of the proposed CVA provides flexibility for the business to recover and for creditors to benefit should this happen earlier or to a greater extent than forecast. It also preserves 51 jobs and provides a platform for future job creation as well as providing ongoing business for the company’s suppliers.”

Hopper added: “We are optimistic that the company is able to regrow profitably. The events and music pipeline is rebuilding with a strong pipeline of confirmed bookings for FY21, subject to Covid-19 restrictions lifting."