By Harry Mottram: A Somerset haulage firm could make a pre-tax profit if it is rescued from insolvency as a going concern with a company voluntary arrangement (CVA). That is the view of insolvency practitioners at Leonard Curtis who are seeking to save S C Lyons Haulage, an independent family business. The firm’s troubles come as more haulage firms in the country go to the wall during trading difficulties including this autumn Lloyd Fraser, Steve Porter and Knights of Old from the KNP Logistics Group and Glasgow Car Movers.
Writing in Motor Transport Chris Tindall reported: “The haulier, which operated HGVs out of two bases in Axbridge, Somerset, called in administrators last month after pressure was placed on it by HM Revenue & Customs for VAT and PAYE liabilities. S C Lyons Haulage, an independent family business, had been trading since 2014 but it began to accrue ‘a significant amount of borrowing’ with its bank during 2016, Leonard Curtis explained to creditors in a report. It then suffered difficulties due to the Covid-19 pandemic and the cost of living crisis and its liabilities increased significantly as a result.”
Ian Carrotte of ICSM – the membership group dedicated to preventing bad debts and later payment – said the group has a large number of hauliers and the word amongst members is there are cash flow problems in the industry. He said: “it’s interesting to note the report by Leonard Curtis mentions the cost or the amount of borrowing. So many firms who took out loans during the Covid crisis have experienced problems in repaying those loans due to the state of business coming out of the lockdowns. There is also the problem of getting payment for the haulier which the Insolvency Practioner mentions.”
Motor Transport’s Chris Tindall noted: “Leonard Curtis said S C Lyons’ finances suggested it could be rescued; in the year ending 28 February it reported a turnover of £593,000 and a pre-tax profit of £68,000.”
In the IP’s report it stated: ““In this period, the company faced ongoing cashflow issues due to a protracted issue in collecting debts as they fell due. The failure of the company to service its ongoing VAT and PAYE liabilities resulted in HM Revenue & Customs petitioning for the winding up of the company.”
Other Logistic firms in trouble recently:
ADMINISTRATORS APPOINTED
FREIGHT MANAGEMENT EUROPEAN LIMITED 03488266
S C LYONS HAULAGE LIMITED 08882250
PHOENIX WORLDWIDE LOGISTICS LTD 02473670
WESTBROOK INDUSTRIAL LTD 03454941
ADMINISTRATION CREDITORS MEETING
FLYBE LIMITED 12875147
COMPULSORY LIQUIDATOR APPOINTED
EAST COAST HAULAGE LTD 12616560
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
ACK LOGISTICS LIMITED 09479429
ASH LOGISTICS LIMITED 05422895
BROADHURST TRANSPORT LIMITED 06512984
GGC LOGISTICS LTD 11916489
OPTIMUS LOGISTICS LIMITED 11195103
ORACLE TRANSPORT LTD 09070930
LIQUIDATORS APPOINTED
AMA LOGISTICS LIMITED 09212317
ASH LOGISTICS LIMITED 05422895
AULD TRANSPORT LIMITED 05152591
BIRMINGHAM TRUCK & BUS (GARAGES) LTD 11853322
BROADHURST TRANSPORT LIMITED 06512984
COURIER CARS (LONDON) LIMITED 06054078
C.C.T. LOGISTICS LIMITED 02878795
DAL COURIERS LTD 07867240
DAVE STONE DESIGN (CHESTERFIELD) LTD 11582321
DGK TRANSPORT LTD 09477681
DMR HAULAGE LIMITED 08957136
LIGHTNING EXPRESS WAREHOUSING AND DISTRIBUTION LTD 08763908
LITTLE GEM BUS COMPANY LTD 03695981
LOCKSTONE TRANSPORT LIMITED 06616990
M&M TRANSPORT SOLUTIONS LIMITED 11557196
PREMIER CARRIERS (SAME DAY) INTERNATIONAL LTD 05812892
ROAD COLLECTION NETWORK LIMITED 11209327
ROSCORP LOGISTICS LIMITED 11393382
STARY HAULAGE LTD 08389215
THE ELECTRIC MOTORBIKE COMPANY LTD 11136345
MEMBERS’ VOLUNTARY LIQUIDATIONS
AIRSYM EXPRESS LIMITED 13635586
INTACT FREIGHT LIMITED 03995968
SYNERGY AIRCRAFT LEASING LIMITED 05550129
PETITIONS TO WIND UP
EURO STORAGE (UK) LIMITED 03322498
HH BROTHERS LOGISTICS LIMITED 14092469
LIBERTY COURIERS LTD 11668706
SMART LOGISTICS PRO LIMITED 11381168
XPRESS SAMEDAY LIMITED 08357571
PETITION DISMISSED
HAPS LOGISTICS LIMITED 11620973
WINDING UP ORDERS
EURO STORAGE (UK) LIMITED 03322498
MARITIME UK LOGISTICS LTD 12207836
MIDLANDS LOGISTICS LTD 12607241
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ICSM CREDIT
For information on ICSM visit www.icsmcredit.com or call 0844 854 1850.
ICSM, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR. Tel: 0844 854 1850. www.icsmcredit.com. Ian.carrotte@icsmcredit.com
