Swadlincote-based PT Hire, which provided HGV truck, lorry and commercial vehicle hire services, as well as maintenance solutions, has entered administration.
It worked with businesses and vehicle operators nationwide on commercial vehicle procurement needs and at the time of administration the company operated a fleet of 450 vehicles.
The company had faced challenging operating conditions following mechanical issues impacting a substantial proportion of its fleet which resulted in cash flow difficulties that ultimately impacted its ability to provide a service solvently.
Richard Bloomfield, Ian Corfield and Nathan Jones of specialist business advisory firm FRP Advisory were appointed as joint administrators of PT Hire on 7 October 2024.
13 employees have been made redundant, with a small number of employees retained to assist the administrators.
Richard Bloomfield, partner at FRP Advisory and joint administrator of PT Hire, said: “Despite being a trusted supplier across the sector for many years, mounting pressures resulted in the business being unable to meet its financial obligations, and regrettably, this has meant ceasing operations.
“We are now focused on supporting the employees affected to file claims with the Redundancy Payments Service.”
