2,000 jobs lost as Tuffnells crashes into administration
Over 2,000 workers are expected to be pushed into redundancy after British delivery giant Tuffnells went into administration today.
The firm appointed joint administrators from Interpath Advisory to handle its bankruptcy, after failing to secure additional funding.
Headquartered in Sheffield, Tuffnells – which was a leading distributor of mixed freight – has 33 depots across the UK and provides services to over 4,000 businesses, including the home improvement retailer Wickes, agricultural supplier Spaldings and bike retailer Evans Cycles.
It delivered to over 160 destinations both within the UK and internationally.
Interpath said that the company had faced a number of pressures since it returned to private ownership in 2020, including Covid-19, high inflation and an increasingly competitive market, which all impacted trading.
Rick Harrison, managing director at Interpath and joint administrator, said: “Unfortunately, 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.”
“Regrettably, with deliveries suspended and with no prospect of them resuming in the immediate term, we have had to make the majority of staff redundant.”
Joint administrator Howard Smith added: “Customers are advised that all transport hubs and depots have been closed until further notice. Our team will be making contact with customers over the coming days to arrange parcel collection.”
Expectations that the company would enter administration had been building. On Friday, all drivers were reportedly called back to their depots, with an emergency scheduled for 12pm today.