300 jobs lost as Leeds transport firm goes bust
(Yorkshire Post) -- A Leeds transport firm has gone bust with the loss of around 300 jobs. Macfarlane Transport is a victim of spiralling fuel costs which have left the £20m business unsustainable.
Joint administrators from accountants KPMG were appointed on Wednesday at the request of the firm's directors but were unable to sell the business as a going concern. It has now ceased trading.
Administrator Richard Fleming said: "It's very unfortunate that this long established business has been unable to survive and that large-scale redundancies will, inevitably, be a result."
He said the business had been hit by rising fuel prices and a competitive marketplace which had put its margins "under unsustainable pressure".
Every 1p increase in the price of fuel adds £600 a year to the cost of driving a lorry, according to the Road Haulage Association (RHA). The cost of diesel is around £1.30 a litre.
Leeds Chamber of Commerce executive director, Ian Williams, said: "This is one of the first high-profile businesses in the haulage sector that's gone under but underlines how tough things are at the moment in the transport industry."
Joint administrators from accountants KPMG were appointed on Wednesday at the request of the firm's directors but were unable to sell the business as a going concern. It has now ceased trading.
Administrator Richard Fleming said: "It's very unfortunate that this long established business has been unable to survive and that large-scale redundancies will, inevitably, be a result."
He said the business had been hit by rising fuel prices and a competitive marketplace which had put its margins "under unsustainable pressure".
Every 1p increase in the price of fuel adds £600 a year to the cost of driving a lorry, according to the Road Haulage Association (RHA). The cost of diesel is around £1.30 a litre.
Leeds Chamber of Commerce executive director, Ian Williams, said: "This is one of the first high-profile businesses in the haulage sector that's gone under but underlines how tough things are at the moment in the transport industry."
