David Pike and Mark Orton from KPMG’s Restructuring practice were appointed Joint Administrators of Gulliver’s Truck Hire Limited today, 18 December 2018.
Headquartered in Bristol, Gulliver’s Truck Hire Ltd was established in 1960 and operated a UK-wide truck hire business with a fleet of approximately 4,500 vehicles available on short and long term contracts.
The administration will unfortunately result in the redundancy of 311 employees in due course. However, all employees will be paid their outstanding wages for the period from 1 December to 31 December 2018.
David Pike, Restructuring Partner at KPMG and Joint Administrator, said: “It is very difficult to see a family business unable to carry on trading, especially at this time of year. Unfortunately, the Gulliver’s team faced significant challenges in tough market conditions. Despite efforts to deliver a turnaround and reposition the business, further losses have been incurred. This has impacted cashflow and led to the directors taking the difficult step to appoint administrators.
“We have worked with stakeholders to ensure that outstanding wages can be paid. In addition, we will work to ensure all employees who have been affected by redundancy receive all information and support they need in order to claim any other monies owed to them from the Redundancy Payments Office.
“We will also be carrying out a very short period of trading to facilitate a number of vehicle sales which will enhance the return to the company’s creditors.”
For further information please contact:
Katy Broomhead, Senior PR Manager
T: 0161 246 4623 / 07824 537963
Clare Dyson, PR Manager
T: 0117 905 4441
About KPMG in the UK
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 16,300 partners and staff. The UK firm recorded a revenue of £2.338 billion in the year ended 30 September 2018. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 154 countries and has 200,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.