Joseph Rice ceases trading due to soaring fuel prices

One of Britain's oldest haulage firms Joseph Rice and Sons has cited the crippling cost of fuel as the major factor behind its collapse this week.

Director Nigel Rice confirmed that the haulier, based in Hempsted, Gloucester, has ceased trading after 161 years.

Although Rice would not give financial details, he said that the firm would be liquidated and that it was likely its 25 trucks and 15 trailers would be auctioned off.

He adds: "Unfortunately, Joseph Rice and Sons ceased trading as of Wednesday.

"I'm the fifth generation of the family in the business, which has been trading since 1850. What has happened is very sad."

Rice says the "soaring cost of fuel" was the biggest reason for the collapse of the firm, which employed 33 staff.

"The scale of the recession and downturn is something we have not witnessed before," he adds.

"Another blow was the bad weather during December, as well as the rise in VAT.

"Strangely, things were beginning to pick up in February and we have had a full order book in recent weeks, but it has come too late for the company."

Property company Joseph Rice Truck Services is not affected by the collapse of its sister firm.

Last Wednesday, the FairFuelUK campaign handed in more than 120,000 signatures to No.10 Downing Street.

The aim of the campaign is to get the government to abandon the planned April fuel duty hike of 1ppl, as well as introducing a way to stabilise fuel prices.