A LONG-STANDING trucking company has announced its permanent closure this week.
On Monday, June 9, the business entered administration after decades of operation.
The firm, based in Nottinghamshire, made the majority of its staff redundant after more than 50 years in business.
B Taylor & Sons Transport Limited established itself as a major haulage firm in 1974.
After five decades of operation, the company officially appointed administrators on Monday, June 9.
It has provided transport and storage across the UK and has also offered international freight services.
B Taylor & Sons Transport Limited had employed 91 people before entering administration.
But now, most of these workers have been made redundant.
Business advisory firm BDO has been appointed in the administration of the company.
Benjamin Peterson and Danny Dartnaill, who are working together on behalf of BDO, spoke about issues the decades-old business had come up against.
They said the company had been negatively impacted by sector-wide issues, including reduced demand and inflation in recent years.
B Taylor & Sons Transport Limited ceased operations with immediate effect after directors decided it could not survive any longer.
Peterson, who works as a BDO business restructuring partner offered further details on the closure.
“Unfavourable market conditions have led to unsustainable commercial losses and, unfortunately, it has not been possible to secure a future for the company,” he said.
“As joint administrators, we will be taking the necessary steps to maximise returns for the benefit of all creditors in accordance with our legal duties.”
The administrators revealed a small number of B Taylor & Sons employees had been retained to help in the business closure.
B Taylor & Sons Transport was first established by Barry Taylor in 1974, with the family business eventually opening its multi-million-pound freight distribution centre based in 2009.
Why are retailers closing stores?
RETAILERS have been feeling the squeeze since the pandemic, while shoppers are cutting back on spending due to the soaring cost of living crisis.
High energy costs and a move to shopping online after the pandemic are also taking a toll, and many high street shops have struggled to keep going.
However, additional costs have added further pain to an already struggling sector.
The British Retail Consortium has predicted that the Treasury’s hike to employer NICs from April will cost the retail sector £2.3billion.
At the same time, the minimum wage will rise to £12.21 an hour from April, and the minimum wage for people aged 18-20 will rise to £10 an hour, an increase of £1.40.
The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year.
It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year.
Professor Joshua Bamfield, director of the CRR said: “The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025.”
It comes after almost 170,000 retail workers lost their jobs in 2024.
End-of-year figures compiled by the Centre for Retail Research showed the number of job losses spiked amid the collapse of major chains such as Homebase and Ted Baker.
It said its latest analysis showed that a total of 169,395 retail jobs were lost in the 2024 calendar year to date.
This was up 49,990 – an increase of 41.9% – compared with 2023.
It is the highest annual reading since more than 200,000 jobs were lost in 2020 in the aftermath of the COVID-19 pandemic, which forced retailers to shut their stores during lockdowns.
The centre said 38 major retailers went into administration in 2024, including household names such as Lloyds Pharmacy, Homebase, The Body Shop, Carpetright and Ted Baker.
Around a third of all retail job losses in 2024, 33% or 55,914 in total, resulted from administrations.
Experts have said small high street shops could face a particularly challenging 2025 because of Budget tax and wage changes.
Professor Bamfield has warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector.
“By increasing both the costs of running stores and the costs on each consumer’s household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020.”
In 2015, the company opened a new headquarters and in the following year it purchased a large warehouse.
According to the firm’s website, it had more than 160 vehicles at the time of its collapse.
In 2023, B Taylor & Sons Transport Limited was fined £255,000 and ordered to pay £3,687 in costs after pleading guilty to breaching health and safety rules.
The Health and Safety Executive said it had failed to protect a delivery driver, who fell from a lorry.
The incident resulted in the employee fracturing his skull, as well as injuries to his left hand, nose, and right eye socket.
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