A surge in insolvencies has hit British haulage businesses, with a record-breaking number collapsing over the past two years due to the economic fallout.
According to a Freedom of Information report from Price Bailey, 463 haulage businesses went bust in the last 12 months, more than double the figure from two years ago.
Rising overheads, driven by fuel and wage increases, along with interest rate hikes, are cited as contributing factors to this unprecedented trend. Matt Howard, head of insolvency and recovery at Price Bailey, warns of a perfect storm affecting hauliers, urging government support to mitigate the challenges.
Well, Everybody is too busy undercutting each other so you end up having unsustainable rates, This doesn’t surprise me….
Totally agree. The big companies giving customers ridiculous rates that smaller firms can’t compete with 😔
Or they are bought out with other companies with the intention of stripping the assets, never paying anyone, then letting them going pop, and folding previously profitable companies. You do the math. you know who they are.