Mon, 12 Aug 2024 | ADMINISTRATION
A long-established family-run logistics firm based in Lancashire has fallen into administration, despite reporting revenue growth and returning to pre-tax profits in its most recent accounts. Preston-based H Parkinson Haulage provided services including transport, warehousing, repair and maintenance.
The company dates back to the early 1950s and operated from five bases in the North West and one in Wales. However, H Parkinson appointed insolvency experts from FRP Advisory as administrators on August 5, with vehicle operator licensing records showing that the surrender of the firm’s standard national licence for 85 HGVs and 160 trailers is currently under consideration by the traffic commissioner.
The administration comes despite the company seeing improved performance in its accounts for the year to June 30 2023, when it reported revenue of £16.3 million, up from £15 million in 2022, and a pre-tax profit of £69,000, having fallen to a £35,000 loss the previous year.
At the time, the company stated that it had increased rates to mitigate rising costs and sustain its contractual and general work in the face of mounting industry challenges. However, it also alluded to ongoing obstacles to the business, with haulage industry competition said to be “fierce” amid “supply chain disruption, driver availability and inflation.”
The company added: “The increase in inflation has far-reaching effects to all costs within the business pushing the extra costs to the customers where possible but continually threatening profit margins.”
In its 2023 accounts, the company’s fixed assets were valued at £4.3 million and current assets at slightly over £4 million. At the time, it owed creditors more than £7 million, with total equity amounting to just over £1 million.
Companies involved in road freight transport are currently among the most likely to be in insolvency or administration proceedings
Find out more about the challenges facing UK haulage companies
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