Truck hire company PT Hire has entered administration, with insolvency experts citing “mechanical issues” with its fleet as a primary reason for its collapse.
Based in Swadlincote, Derbyshire, the firm operated a fleet of around 450 vehicles and offered comprehensive rental packages to its customers, which enabled flexible deals to be arranged on a daily, weekly, monthly or annual basis.
Administrators at FRP Advisory said PT Hire’s staff also offered maintenance solutions, but following their appointment 13 employees were made redundant.
A small number of staff have been retained to assist administrators.
In a statement, FRP said: “The company had faced challenging operating conditions following mechanical issues impacting a substantial proportion of its fleet, which resulted in cash flow difficulties that ultimately impacted its ability to provide a service solvently.”
Richard Bloomfield, a partner at FRP and joint administrator, added: “Despite being a trusted supplier across the sector for many years, mounting pressures resulted in the business being unable to meet its financial obligations, and regrettably, this has meant ceasing operations.
“We are now focused on supporting the employees affected to file claims with the redundancy payments service.”
PT Hire director Ann Dytham told Motor Transport it had filed three notices of intention to appoint an administrator over the last few weeks, in order to create a moratorium in the hope that it could sell the business and keep it trading.
However, a prospective deal fell through and so it had no choice but to put the company that her husband and MD Stuart Dytham had built up over 40 years into administration.
She said for more than 10 years PT Hire had only hired out MAN lorries to customers.
“It was our life’s work and now business is down the pan,” she added.
MAN did not respond.
