Thu, 30 May 2024 | ADMINISTRATION
A Glasgow-based HGV training firm has fallen into administration after more than 40 years of trading. Ritchies HGV Training Centre Limited, which is based in Springburn, specialised in training HGV drivers for construction plant, forklift drivers and the haulage industry.
The firm served private clients, utility companies and district councils. However, it has suffered since the COVID-19 pandemic, with its administration coming amid downturns in the UK’s construction and haulage industries.
Michelle Elliot and Callum Carmichael of FRP Advisory were appointed as joint administrators of the company on May 24 2024, with 36 employees made redundant upon their appointment. The joint administrators will now seek to market the business for sale, along with its assets, including vehicles, plant machinery and its Springburn site.
Joint administrator and partner at FRP Michelle Elliot commented: “Ritchies HGV Training Centre Limited was founded more than 40 years ago after the owner decided to use his own driving experience to train others.”
“Unfortunately, due to the ongoing downturn of the construction sector and struggling to recover post-pandemic, the company was no longer able to meet its financial obligations. After the director’s exhausted all other options, they took the difficult decision to put the Company into administration.”
“We’re now focused on helping impacted staff access support from the redundancy payments service and are working with support agencies such as PACE while we market the assets of the business for sale.”
In the firm’s most recent accounts at Companies House, for the year ending May 31 2022, its fixed assets were valued at £927,042 and current assets at £225,865. At the time, the company’s net assets amounted to £181,670.
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