Hundreds of people have lost their jobs at a truck hire company after cash-flow problems pushed it into administration.
Bristol-based Gulliver's Truck Hire appointed David Pike and Mark Orton from KPMG’s restructuring practice as joint administrators yesterday (December 18).
Established in 1960, Gulliver’s operated a UK-wide truck hire business with a fleet of approximately 4,500 vehicles available on short and long term contracts.
However, the administration will now result in the redundancy of 311 employees. KPMG said they would be paid their outstanding wages for the period from December 1 to December 31.
Pike said: “It is very difficult to see a family business unable to carry on trading, especially at this time of year. Unfortunately, the Gulliver’s team faced significant challenges in tough market conditions.
“Despite efforts to deliver a turnaround and reposition the business, further losses have been incurred. This has impacted cashflow and led to the directors taking the difficult step to appoint administrators.”
He continued: “We have worked with stakeholders to ensure that outstanding wages can be paid. In addition, we will work to ensure all employees who have been affected by redundancy receive all information and support they need in order to claim any other monies owed to them from the redundancy payments office.
“We will also be carrying out a very short period of trading to facilitate a number of vehicle sales which will enhance the return to the company’s creditors.”