Over the course of the last few weeks, AAD Transport has been marketed for sale in the public domain by our agents to seek a buyer for the business and assets, and attempt to save the 65 employee jobs. Our agents and the administrators held negotiations with a number of closing date bidders, however, it was not possible for a sale to be completed due to some challenges within the existing business cost model.
Unfortunately, the company has ceased trading and the administrators’ priority is to continue to provide all employees with all necessary assistance to advance their redundancy claims and work with the Redundancy Payments Service. We have also engaged with the department of Skills Development Scotland’s Partnership for Continuing Employment (PACE), to ensure all employees have the required support available to them.
The administrators and their agents are in the process of realising the company assets to maximise value for the creditors of the company.
The haulage sector continues to have challenges that are sector wide, including high fuel and related costs, often carrying legacy debt/tax arrears, whilst competition for new orders and work is fierce. The net impact is low profit margins which will inevitably impact on cash flow. If any other firms in the sector are affected by similar circumstances and require assistance, we are available to assist should they require independent advice.