Wed, 15 Apr 2020 | ADMINISTRATION
Bristol-based transport training course provider PB Transport Solutions has gone into liquidation, after succumbing to external factors including Brexit and coronavirus.
Accounting and advisory firm Mazars LLP has been appointed to act as liquidator for the company, which supplies transport training courses across the South West, including specialist HGV/LGV driver training.
Founded in 2011, PB Transport Solutions employed 11 staff and also operated a 35,000 square foot warehousing facility. It had been forecast to reach turnover of £1 million in the year to April 2019, before the difficult trading environment caused by Brexit uncertainty lead to a decline in demand for its warehousing facilities.
The company saw the loss of several key customers and then had to shut down its entire training operation last month, with the onset of the coronavirus lockdown.
With no alternative work and significant cash flow difficulties, the directors placed the business into liquidation, with trading ceasing and all employees made redundant. Tim Ball and Mike Field of Mazars have been appointed joint liquidators.
The company’s most recent accounts were made up to the year ending April 30 2019. At the time, PB Transport Solutions had fixed assets of £162,491, up from £153,772 the year before, and current assets of slightly over £130,000, down from £156,203 the year before.
Joint liquidator Tim Ball said: "External factors have impacted this business which has, in its most recent year, been profitable. Unfortunately, given a very significant drop off in trade, the company has run out of cash and the directors had to make the difficult decision to enter liquidation to prevent the position for creditors worsening."
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