An East Yorkshire haulier established over 50 years ago has been sold in a pre-pack deal to its directors after it collapsed into administration, saving all 45 jobs.
BI Halder & Son became the latest victim of increasingly harsh trading conditions before it was forced to appoint Leonard Curtis as administrator on 8 October.
It immediately secured a pre-packaged sale to new business Halder Transport and Storage, which operates out of the same base on the Cranswick industrial estate in Driffield and shares the same directors, Louise and Paul Halder.
The company provides a full range of haulage services to the agricultural industry, along with modern bulk storage, drying and testing facilities.
According to Leonard Curtis, BI Halder & Son got into difficulties after pressures caused by the pandemic were followed by the war in Ukraine, which led to increases in fuel and other running costs.
Hikes in interest rates also hit running costs, putting further pressure on stretched cashflow.
The administrator added that while a refinance deal to solve the issues was put in place prior to its appointment, it was not enough to save the business and a pre-pack sale strategy was agreed, following advice with itself and JMW Solicitors.
Joint Administrator Sean Williams said: “BI Halder & Son had established a great reputation over five decades and by facilitating a successful sale we have protected jobs and maximized realisations for the company’s creditors.”
Company director Louise Halder explained: “Our priority was to retain our loyal workforce and continue providing high quality haulage and storage services for our customers. Building in resilience for future challenges has also been important.
She added: “While it has been devastating dealing with the loss of B I Halder & Son after nearly 25 years of operation and over 50 years since the business was first formed, we are all looking forward to a new chapter for Halder Transport and Storage.”
Williams said this was the third haulage company he had dealt with since May and that most SME transport firms were operating under strain:
“The sector remains essential and busy, but most are running businesses with higher operating costs, on thin margins, and a rising number of insolvencies indicate performance is fragile rather than robust,” he said.
“A minority of hauliers, those with strong contracts, niches, cleaner fleets or some digital advantage, are doing better.
“Overall, we should expect continued pressure and gradual consolidation unless economic conditions or targeted policy support materially improve.”
Office of the traffic commissioner records showed that the TC has given a direction under a Schedule 4 application for the operating centre to transfer over to the new business and allowing the authorisation of 32 HGVs and 45 trailers.
