Sutton-in-Ashfield haulage firm B Taylor & Sons has collapsed into administration, resulting in almost 100 people losing their jobs.
The company, which was established 51 years ago in 1974, appointed BDO to handle its affairs on Monday (9 June).
The company provided logistics and storage solutions across the UK as well as international freight forwarding services and holds a standard international licence authorising 100 HGVs and 155 trailers operating out of five operating centres in the East Midlands.
BDO said that at the time of its appointment, it employed 91 staff.
The last set of accounts for the haulier, for the year ending 31 March 2024, showed turnover had reduced by £1.7m to £15.8m.
Pre-tax profit had reduced by around £580,000 to £1m.
At the time, the company had 167 employees – of which 143 were drivers – and it said it was operating in a “challenging” environment:
“The haulage industry in the UK is highly competitive and margins continue to be tight,” it added.
In October 2024, the company was acquired by private investment firm Chiltern Capital Nominees.
BDO said the transport firm had been negatively impacted by sector-wide issues including reduced demand and cost inflation.
In a statement, it said: “The company has therefore ceased operations with immediate effect and, regrettably, the majority of employees have been made redundant, with a small number retained initially to assist the joint administrators.”
Benjamin Peterson, BDO business restructuring partner, added: “Unfavourable market conditions have led to unsustainable commercial losses and, unfortunately, it has not been possible to secure a future for the company.
“As joint administrators, we will be taking the necessary steps to maximise returns for the benefit of all creditors in accordance with our legal duties.”
