The recent entry into administration of two Scottish hauliers
and logistics companies, Ramage Distribution and E Pawson &
Son, has had a negative fall-out for some well-known lessors.
Lanarkshire-based Ramage, which acquired rival Scottish haulier
United Freight Distribution Group in July 2007, did not own the
majority of its 170-strong fleet of trucks and trailers, but leased
them instead, it is understood.
Go deeper with GlobalData
Anne Smith, sales support manager of Cargobull Finance, the
commercial vehicle financier, said tough market conditions, such as
the rising cost of fuel and emissions control, will see a host of
other smaller hauliers go into administration this year.
Last month, it also emerged that Syscap, the London-based IT
funder and broker, might be hit as a result of the troubles facing
Vanco, which operates virtual telecoms networks. Trading in Vanco’s
shares was suspended at the beginning of May, when the company
announced a profit warning (see article on Syscap).
It is rumoured in the commercial vehicle leasing market that
Hill Hire was affected, although Andy Mitchell, managing director
at Hill Hire, gave no comment on the matter.
Furthermore, one source revealed that “a few subcontractors are
struggling because of the unpaid element”. Stuart Nicol Transport,
in Shott, is owed £70,000 by Ramage and may consider downsizing,
and Cameron Young Transport, in Dumfries, lost £54,000 and has had
to sell off four trucks to keep afloat.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataKPMG Restructuring, in Glasgow, which was appointed as the
administrators of Ramage in April, said at the time that it was too
early to determine the state of the creditors and that it had “no
option but to immediately effect an orderly run down of the
company’s operations with the regrettable consequence of 350
redundancies”.
Ramage, part of the Gelspinbased Ramage Group, also had to close
its depots in Aberdeen, Halbeath in Fife, Biggleswade and
Bristol.
The P&A Partnership, the UK based insolvency and recovery
service, was appointed as the administrators of Pawson & Son, a
family-run business, which closed with a loss of more than 100
jobs. Pawson recently invested in a fleet of vehicles and
warehousing, and was mainly involved in the agricultural
industry.
