TMH Transport, which is based in Ipswich, has entered administration after a key customer left following the theft of a lorry and its £25,000 tyre load.
According to TMH, on Friday 24 April, diesel payments bounced and the group found itself with not enough money for wages, resulting in the appointment of administrators B&C Associates on 30 April.
TMH Transport's managing director, Marc Bridges, says a cash flow problem was caused by the loss of a two-year-old partnership with Stapleton's Tyre Services.
The tyre stockist pulled the plug at the end of January following a theft, two weeks earlier,of a truck and its load in Bedfordshire.
"I understand that as a major firm [Stapleton's Tyre Services] had to be seen to do something to make sure this sort of theft would not happen again, but for us, it accounted for 25% of business.Unfortunately, lorry drivers are at risk from freight crime," he says.
Bridge tells CM that everything came to a head on 24 April: "We had been having cash problems since last summer with high fuel costs and declining volumes. We were trying to keep up with seven-day payments when we ourselves were often waiting up to eight weeks for our own payments."
There has been 15 driver redundancies at the firm, which operated nine HGVs.
The RHA and FTA have expressed their frustration at the government’s failure to back calls for an HGV driver training fund in the ... more
HMRC has suggested there has been an "overall shift away" from illicit fuel laundering as a result of the new fuel marker introduced into ... more
Hauliers face a fuel duty hike from next year, with a return to annual increases tracking inflation after that. Although chancellor George ... more