Over the last few years many transport companies have suffered as a result of other struggling sectors. The whole transport & logistics sector has been severely impacted by a string of high profile closures, from retail stores to big-name restaurants.
With high street retailers suffering from poor trading conditions, this inevitably leads to negative knock-on effects for any distributors of their goods. Also, the increasing number of restaurant closures has now resulted in a considerably more reduced demand in the transport sector in general.
It’s not just other struggling sectors that are leaving transport and logistics companies in financially dire situations. The National Living wage which came into force in April, coupled with the general rise in inflation, is also adding to the mounting pressures – especially because the sector is reliant on lower paid and temporary workers.
These growing concerns have also been exacerbated by the uncertainty around Brexit and future trade agreements with Europe. This could see a large drop in demand for road haulage across Europe, and cause further issues for the sector.