Last-mile parcel carriers struggle while global express market is set for growth
The global express parcel market is set to see steady growth over the next four ...
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FDX: GLOBAL IT OUTAGE IMPACT FELTUPS: GLOBAL IT OUTAGE IMPACT FELTJBHT: PAYOUT UNCHANGED ODFL: STEADY LOW YIELDMAERSK: BACK TO PRE-RED SEA CRISIS LEVELSDSV: SURGINGHLAG: FUEL FOR THOUGHTF: ELECTRIC AVENUES TSLA: ELECTRIC AVENUES FDX: DUTCH DEBUTAAPL: AI BONANZAJBHT: PRESSURE BUILDSPLD: IN LINEWTC: HARMEDMFT: NEW HIGH XPO: MEXICAN WAVE
The UK’s Tuffnells Parcels Express has gone into administration after failing to secure funding. Some 2,000 people have been made redundant.
Administrator Richard Harrison told Business Sale Report that “the highly competitive nature of the UK parcel delivery market, coupled with significant inflation across the company’s fixed cost base in recent times, has resulted in the company experiencing intense pressure on cashflow”.
The firm’s hubs and depots are closed until further notice, causing disruption to retailers including Wickes and Evans Cycles. According to Companies House, its most recently filed revenue, for the year ending 31 December 2021, were £178.1m, with an operating profit of £2.3m, 24% higher than the previous year.
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