A major British logistics firm has entered voluntary liquidation after seeing its turnover plummet by 40 per cent, it has been reported.
Newport, Wales-based RJ Mason hit the wall last month and subsequently appointed liquidator Begbies Traynor after ramping up debts of around £600,000 (AUD$1.3 million), according to RoadTransport.com.
Unfortunately, the business was unable to save itself, although it may have stood a better chance if it had organised a secure online data room to sell assets to interested investors at short notice.
Director of the company, Chris Mason, told RoadTransport.com: "We experienced a bleak December and customers were still looking to lower costs further.
"It was just not sustainable for us."
He added that RJ Mason had been "running 40 trucks", but had been forced to scale back in the last year to just over 20.
A recent investigation by Lloyds TSB found that almost a third of UK small businesses were currently struggling for liquidity, which could increase the frequency of corporate bankruptcy.
