A buyer for stricken Kirriemuir-based haulage firm AAD Transport has not been found and the business has now closed with the loss of 65 jobs.

The company entered administration earlier this month with Begbies Traynor seizing the reins and hunting for a buyer.

But in a statement released today (23 February) Begbies partners Thomas McKay and Ken Pattullo said that despite holding negotiations with a number of closing date bidders, it was not possible to achieve a sale “due to some challenges within the existing business cost model.”

The statement said: “Unfortunately, the company has ceased trading and the administrators’ priority is to continue to provide all employees with all necessary assistance to advance their redundancy claims and work with the redundancy payments service.

“We have also engaged with the department of skills development Scotland’s partnership for continuing employment, to ensure all employees have the required support available to them.”

Family-run AAD was established in 2011 and operated mainly across the UK as well as offering haulage services to customers in France and Spain.

The company held an operator licence for 40 lorries and 60 trailers out of four operating bases in Scotland.

Begbies Traynor said AAD had experienced difficulty in its cash flow from rising operating costs as the price of fuel continued to increase and profit margins dwindled.

It added that as a result of its closure it was now in the process of realising the company assets to maximise value for the creditors of the company.

“The haulage sector continues to have challenges that are sector wide, including high fuel and related costs, often carrying legacy debt/tax arrears, whilst competition for new orders and work is fierce,” the partners said.

“The net impact is low profit margins which will inevitably impact on cash flow. If any other firms in the sector are affected by similar circumstances and require assistance, we are available to assist should they require independent advice.”