Stofords call in administrator but business survives with Pall-Ex shareholding
Stoford Transport closed its doors last weekend, blaming soaring driver agency and fuel costs that could not be fully recovered from customers. Directors of the (pounds sterling)10m firm salvaged the Pall-Ex franchise business in Devon, which is profitable, forming a joint venture in which Pall-Ex is a minority shareholder. The former head office telephone was being answered as “Pall-Ex South West” this week. Stoford directors Chris and Roger Tancock are directors of Pall-Ex South West, Roger as MD. In addition, Chris is joining the board of Pall-Ex, with involvement in network development. Currie European took over Stoford’s Warrington depot and some drivers, and F Swain took on the site at Southampton. There were three other, smaller depots. Stoford was also a member of the Jigsaw Solutions network, where MD Paul Smith says a replacement shareholder member will be sought, ideally based in central/southern/south-eastern England. There is keen interest, he adds. There are seven haulier shareholders in Jigsaw, excluding Stoford, and they have been covering for Stoford this week, he says. Smith adds that a due diligence check on the other seven hauliers on Tuesday was positive. No accounts are available from Companies House for Stoford’s year ended 17 months ago. Administrators at KPMG were assessing the debt situation. Sources indicate that most debts will be covered but that Hill Hire may be significantly out of pocket. Senior industry sources, meanwhile, predicted a spate of haulage failures over the next couple of months. RHA figures just released show that hauliers have seen operating costs soar by 8.3% since October 1, 2003.
