Thu, 04 Apr 2024 | ADMINISTRATION
A Leicestershire-headquartered haulage company that has been trading for around 44 years has fallen into administration after struggling to secure its future over recent weeks. S&J European Haulage Limited, which is headquartered at the Asfordby Business Park in Melton Mowbray, filed an initial notice of intention (NOI) to appoint administrators on February 23 via law firm Brown Jacobson.
This was followed by a second NOI, filed on March 6, providing further protection from Creditors. However, the firm, which is a member of the Palletline network of logistics companies, has ultimately fallen into administration, appointing Alvarez & Marshal as administrators on March 26.
In the company’s most recent accounts at Companies House, for the year ending November 30 2022, it reported turnover of £12.7 million, a 3.5 per cent increase from £12.3 million a year earlier, after seeing "a quick return to pre- COVID trading levels in the previous year.”
However, despite this rise, the company’s pre-tax profits fell considerably from £356,038 in 2021 to £245,737 in 2021. In their report, the company’s directors stated that “significant inflationary cost pressures” had impacted the wider haulage industry and led to the drop in profitability. The directors also noted threats to the business from factors including Russia’s war in Ukraine and the ongoing effects of COVID-19 and Brexit.
At the time of those accounts, the company’s fixed assets were valued at £3.9 million and current assets at £3.6 million. The company’s debts left it with net assets totalling around £1.25 million.
S&J European Haulage, which was started by husband-and-wife Steve and Jane Haines in 1980 with just one van, has a fleet of more than 50 vehicles, including articulated trailers and tail lift vans. In addition to haulage, the company also offers warehousing, storage and pallet distribution services.
Read more about rising insolvency levels in the UK haulage sector
Click here to download our free guide on finding and buying distressed businesses and assets
The business specialises in the distribution of competitively priced, durable workwear and leisure wear garments in many styles, fabrics, colours, and sizes. The company operates on a B2B wholesale basis primarily within the UK, supplying organisatio...
This business presents a unique investment opportunity with a solid customer base and potential for further growth through new product lines, supported by a managing director willing to stay and drive development.
The company supplies own-brand and branded raised access flooring systems, steel pedestals, under-structures and ancillary products, which are suitable for installation within premises such as offices, computer/control rooms, data centres and retail...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.