H Beardsley, a 67-year-old Nottinghamshire family haulage firm, has closed down after being hit by increased fuel and property costs, staff retention challenges and the loss of a major customer.
The company, which began operating in 1954, had already made all 32 employees redundant and ceased trading just days before RSM was appointed as administrator on 4 February.
The company operated a fleet of 26 HGVs and trailers and traded from premises in Huthwaite, Sommercotes and Annesley.
RSM said it had been able to sell the firm’s racking, desks and computer equipment to B Taylor & Sons for £65,000.
In addition, it has also granted Taylors a license to occupy Beardsley’s Huthwaite premises for three months.
Estimated debts to unsecured creditors are thought to be around £1.1m, but RSM said it was unlikely a dividend will be paid out.
“It became apparent on appointment that the vast majority of the company’s assets used in its day-to-day trading were subject to finance agreements, through hire purchase or lease agreements,” RSM said.
“Given the nature of these agreements, the joint administrators’ agents confirmed there was no residual equity in these assets that could be realised into the administration estate.”