West-Lothian based Corporate Road Solutions 24:7 has collapsed into administration, appointing KPMG to oversee proceedings. The news will see all but four of the firm’s staff lose their jobs, with the remaining employees helping the administrators.
“It has not proved possible to continue trading in light of significant liabilities and cash-flow difficulties. This has, in turn, resulted in the redundancies which have been announced and the closure of operations. Our attention is focused on supporting the impacted customers and employees,” commented on the news Blair Nimmo, joint administrator and KPMG’s UK Head of Restructuring.
The firm had been suffering from increasingly challenging market conditions and cost pressures, before a turbulent 2019 finally saw it fall into administration. This year, the company saw its financial difficulties exacerbated by the departure of key staff to a competitor together with the loss of a major customer. As a result, the firm was forced to appoint KPMG to oversee the sale of its assets.
As a result of the news, 66 people have been made redundant, with the four staff remaining with the company (also known as Beau) now helping the administrators. Corporate Road Solutions 24:7 has ceased trading, and customers and parties with an interest in any of the business or assets have been asked to contact the joint administrators as soon as possible.
Nimmo added that the administrators would be working with all affected employees to ensure “a full range of support is available”. This includes working with all affected employees and the relevant government agencies, including the Partnership Action for Continuing Employment (PACE) team at Skills Development Scotland.
Established in October 2005 as a road haulage contractor and freight forwarder, Corporate Road Solutions 24:7 latterly employed 70 staff together with a number of agency and self-employed drivers. Based in Bathgate, West Lothian, the firm specialised in transporting goods for large supermarkets together with smaller Scottish businesses, primarily across the UK.