Rush Courier Services Limited (02619179): administration
- Status
- Administration ended
- Administration began
- 2019-12-09
- Administrators' firm
- Begbies Traynor
- Formerly
- Rush Couriers Service Limited; Rush Couriers Services Limited; Post Haste Group Limited; Posthaste Group Limited; Arrow Express Limited; Cabhill Limited
- Incorporated
- 1991-06-11
- Location
- Salisbury
- Industry
- 53201 Licensed carriers
Why it went into administration
- Rising costs / inflation
- Funding withdrawn / unable to refinance
- Brexit
From the administrators' statement
We understand that the Company was incorporated on 11 June 1991 to carry out business as a general commercial entity. It later changed to a courier and messenger business and initial finance was provided by Arrow Express and shareholder loans.
The business operated from various sites and eventually added a Cambridge depot. The business grew to revenue in excess of £7.5m. However, there was a decline in trade from 2016 due to a toss of a significant customer and Brexit which resulted in the decline in average spend by 50%. In addition, labour costs increased as a result of Workplace pensions and increases in minimum wages.
Following the management buyout of the Cambridge site in November 2018 (see Appendix 2), there was a brief increase in trade followed by a very flat 2019. Trade had fallen by 25% and excess property costs resulted in the Company being unable to satisfy its creditors as they fell due.
Administrators' statement of proposals (2020-01-11) · Companies House register