Truswell Haulage, also known as John Truswell & Sons, has entered administration as it battled crippling market conditions, writes Chris Tindall.
It operated more than 50 HGVs out of four operating centres in Yorkshire as well as a base in Lanarkshire.
Administrators at BDO said the haulier had been negatively impacted by sector-wide issues including reduced demand and cost inflation over recent times and its collapse resulted in 86 job losses.
It added that an extensive business sales process was undertaken but that no offers were received.
Mark Thornton, BDO business restructuring partner, said: “Unfavourable market conditions have led to unsustainable commercial losses and, unfortunately, it has not been possible to secure a future for the company.
“As joint administrators, we will be taking the necessary steps to maximise returns for the benefit of all creditors in accordance with our legal duties.”
John Truswell & Sons was acquired by OTIF Distribution in 2021 and for the following six months at least, the business continued to grow.
Its last set of accounts, for the period ending 31 July 2022, showed that turnover had grown to £12.2m compared to £10.7m in the year ending 30 June 2021.
However, pre-tax profit reduced by £43,000 to £388,000 despite it being a longer trading period.
Two months ago, Truswell Haulage agreed a sale and leaseback deal with a private investor for its 70,865sq ft warehouse in Barnsley for £3.4m.
At the time, property consultants Edwards said the sale unlocked significant capital for Truswell and enabled it to prioritise investment into the business to secure its long-term future.
