Cash flow blamed for Hurst downfall

摘要

CLIENTS OF collapsed haulier Hurst Transport were willing to accept fuel duty escalators, but the company could not implement them quickly enough to match fluctuating diesel prices, claims the administrator of the insolvent firm. Lincolnshire-based Hurst Transport collapsed on 18 March, with administrator Chris Rooney of PricewaterhouseCoopers citing volatile fuel costs and a tough winter as the reason behind the insolvency (CM 24 March). However, speaking exclusively to CM, Rooney reveals that the firm did not suffer because of uncompromising customers, but rather because its cash flow could not sustain keeping up fuel payments while it waited for a surcharge to come through.