A family-owned transport company in Pucklechurch has collapsed into administration after rising petrol prices and driver shortages pushed the firm to the brink.
Toogood International Transport and Agricultural Services, which was founded in South Gloucestershire in 2006 and operated a warehouse and office facility near Bristol, appointed Mark Boughey and Mike Field of business advisory firm Mazars as administrators on June 21.
The company has stopped trading with immediate effect and all the employees have been made redundant. The firm employed around 10 staff, according to Companies House records. Mazars is now looking for a buyer for all or part of the company’s business and assets.
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Toogood, which was the primary shirt sponsor of Bristol Bears Rugby Club, appointed administrators after struggling with a "very difficult trading environment" following Brexit and the pandemic. More recently, a loss of international freight business, ongoing driver shortages and the increases in fuel prices caused the business to "suffer losses" and experience "significant" cashflow issues, Mazars said.
Fuel prices have reached record highs in 2022. Petrol and diesel are now around the £2 a litre mark - and on motorway services they have reached £2-plus a litre. On June 8 the cost of filling up a petrol car exceeded £100 for the first time.
“We are sorry to see a prominent South West company like Toogood International Transport and Agricultural Services Limited cease trading," said Mr Boughey of Mazars.
"The business had traded very successfully for a number of years but suffered from a string of external factors that have ultimately resulted in the directors taking the difficult decision to enter administration. The headwinds of Brexit, Covid-19, driver shortages and, more recently, the fuel and energy crisis, have had devastating impact on the sector."
Mr Boughey said the directors decided to appoint administrators after concluding the business was no longer viable.
He added: "The directors were keen to act quickly and prevent the position for creditors worsening and appointed administrators. We are working closely with the company and its key stakeholders, and it is hoped a buyer will be found for part or all of the business.”
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