A pre-pack sale has seen family-run Newport-based Monex Group acquire part of the trade and assets of Bridgetime Transport, which went into administration earlier this month.
Monex Group has also taken on the majority of Bridgetime’s Transport employees as part of the deal.
Cwmbran-based family firm Bridgetime Transport was forced to call in the administrators on 1 February this year, after being hit by a challenging economic climate which saw it suffer a ”significant” fall in volumes and revenue.
The company, which was one of the biggest employers in Cwmbran, South Wales, operated a fleet of over 100 vehicles and employed almost 100 staff and was a member of Pall-Ex, Fortec, APC and the Pallet Network.
Launched in 2002, it specialised in general haulage, parcel deliveries, palletised freight, warehousing and storage and operated a 25,000sq ft warehouse from its headquarters.
Monex Group, which changed its name from Monmouthshire Xpress Group on 11 February this year has operating licences for 126 trucks and 216 trailers and employs around 270 staff. The group includes Monex Logistics, Severn Ready Space, Pike Logistics, Monex Marine, Whitedot, Monex Distribution, Monex International, Monex Cranes, and Monex Academy.
In its latest financial results for the year to 31 March 2023, Monex Group revealed a fall in turnover to £34.9m (2022: £36.8m), whilst pre-tax profit rose to £1.9m (£1.6m).
In a statement announcing the sale, administrators from Begbies Traynor said that ”despite over 20 years of successful trading, the challenges of the economic climate in recent years saw the company run into difficulties.
”With weakened demand for goods - and therefore haulage services - among some of its key customers, the company experienced a significant drop in volumes and revenue, which led to trading losses that impacted the company’s cash flow.
”At its peak it employed almost 100, but despite maintaining turnover in excess of £7m and attempts to cut costs, including reducing employee numbers by a third by January 2024, the company could not remain solvent, and the director took steps to put the company into administration to safeguard the long-term future of the business and its employees.”
Huw Powell and Katrina Orum of Begbies Traynor in Cardiff, were appointed as administrators.
Powell said: ”It is always sad to see a long-established company reach this point, especially one such as Bridgetime where, under the guidance of its director Robbie Evans, it had achieved so much and received excellent customer feedback over more than 20 years.
”I know both Robbie and his wife Emma-Jane would like to extend their gratitude to all staff, stakeholders and clients for their support over the years.
“Moving forwards, we are delighted to be able to secure the future of so many jobs after such a difficult period through this deal with the Monex Group. We wish them every success in the future.”
James Howells, MD at Monex Group, said: “It is always incredibly sad to see the demise of such a well-known local transport business. We regret that in the time available to us, the Monex Group was not able to protect all of the dedicated employees. However we are pleased to have been able to save a number of local jobs.”
The administrators were advised by Amy Flavell and team at Pinsent Masons and Monex Group were advised by James Williams and team at Blake Morgan.
