Richard Read Ltd, a shipping company, has announced that it is coming to completion. The firm which has been in operation for the last seventy years will close down at the end of March. This shutdown is as a result of poor outcomes in 2018. Though the company has not been entirely insolvent, the owners insist that they will end its operation due to shrinking margins.
The co-operation was started in 1946 by the late Richard Read who passed on in 2014. His son, also by the name Richard together with other family members have since been in charge of the undertaking. The family members communicated that efforts to try saving the business from prolonged losses had been rendered fruitless. It is estimated around Forty-seven staff still working in Longhope will be affected by the closure as they will lose their jobs.
The owners posted on Facebook and communicated that for the last eighteen months, they have managed to increase the sales, but the 2018 financial results have been disheartening. The results show decreased margins and rising costs. Despite the increased sales, they are still struggling to be viable, maintaining a skilled workforce and adherence to all legislative obligations of the shipping industry at the same time. The Facebook post further shows appreciation to all the people who have brought the business this far.
History of the shipping company
Mr. Read started this transport company with his brother after quitting his driving job. This event took place when he had returned from war with the Royal Navy and saved cash from digging wells. The Glocester Ring Road got constructed in one month with roughly one thousand tons of stone. Read’s first lorry cost him three hundred and fifty pounds. As the business expanded with time, it ended up winning the online application of industrial advancement at the Longhope yard.