Part of the trade and assets of family-owned haulier and logistics provider, Bridgetime Transport Ltd, have been sold out of administration to Monex Group, securing the future employment of the majority of the workforce.
Based in Cwmbran, Bridgetime Transport Ltd was an award-winning operator on three pallet networks and provided APC parcel services in the Newport area, and had grown to a fleet of more than 100 vehicles serving blue chip clients during the past two decades.
However, despite over 20 years of successful trading, the challenges of the economic climate in recent years saw the company run into difficulties. With weakened demand for goods - and therefore haulage services - among some of its key customers, the company experienced a significant drop in volumes and revenue, which led to trading losses that impacted the Company’s cash flow.
At its peak it employed almost 100, but despite maintaining turnover in excess of £7 million and attempts to cut costs, including reducing employee numbers by a third by January 2024, the Company could not remain solvent, and the director took steps to put the company into administration to safeguard the long-term future of the business and its employees.
After a successful marketing campaign undertaken by Eddisons and Begbies Traynor, attracting healthy interest, elements of the trade and assets of the company, excluding the pallet network business, have been acquired in a pre-packaged sale to Monex Group, following the appointment of Huw Powell and Katrina Orum of Begbies Traynor as administrators.
Huw Powell, administrator, and partner at Begbies Traynor, said
“It is always sad to see a long-established company reach this point, especially one such as Bridgetime where, under the guidance of its director Robbie Evans, it had achieved so much and received excellent customer feedback over more than 20 years. I know both Robbie and his wife Emma-Jane would like to extend their gratitude to all staff, stakeholders and clients for their support over the years.
“Moving forwards, we are delighted to be able to secure the future of so many jobs after such a difficult period through this deal with the Monex Group. We wish them every success in the future.”
James Howells, managing director at Monex Group, said:
“It is always incredibly sad to see the demise of such a well-known local transport business. We regret that in the time available to us, the Monex Group was not able to protect all of the dedicated employees. However we are pleased to have been able to save a number of local jobs.”
The administrators were advised by Amy Flavell and team at Pinsent Masons and Monex Group were advised by James Williams and team at Blake Morgan.
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