Jobs lost as vehicle hire firm collapses
Jobs have been lost at a commercial vehicle hire company after it collapsed into administration.
Richard Bloomfield, Ian Corfield and Nathan Jones of FRP Advisory were appointed as joint administrators of PT Hire on Monday (October 7).
Based in Swadlincote, PT Hire provided HGV truck, lorry and commercial vehicle hire services, as well as maintenance solutions. It worked with businesses and vehicle operators nationwide on commercial vehicle procurement needs and at the time of administration the company operated a fleet of around 450 vehicles.
TheBusinessDesk.com first revealed that PT Hire was fighting for its future when it posted a notice of intention to appoint administrators back in August.
Administrators say the company had faced “challenging operating conditions” following mechanical issues impacting a substantial proportion of its fleet which resulted in cash flow difficulties that ultimately impacted its ability to provide a service solvently.
The company was placed into administration with 13 employees made redundant following the administrators’ appointment. A small number of employees have been retained to assist the administrators.
Bloomfield said: “Despite being a trusted supplier across the sector for many years, mounting pressures resulted in the business being unable to meet its financial obligations, and regrettably, this has meant ceasing operations. We are now focused on supporting the employees affected to file claims with the Redundancy Payments Service.”