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.
Brittany Ferries is launching a freight route from Poole to Bilbao in northern Spain next month in response to demand from hauliers looking ... more
An influential group of MPs has launched an inquiry into an overhaul of Operation Stack procedures in Kent. The Transport Committee said it ... more
This year’s Tip-ex and Tank-ex shows in Harrogate look set to be bigger and better than ever before, with more than 100 exhibitors ... more