Menzies Distribution, parent company of the "at-risk" Menzies Parcels, lost £28.1m in revenue in the wake of the pandemic.
The group, which looks set to close its parcels business in the north of Scotland with 270 jobs at risk, also swung to a loss, of £1.3m from an £11.1m profit the year before, its latest available accounts show.
Menzies Parcels, which provides courier services in the north of Scotland and has 15 depots across Scotland, showed its losses deepened from £738,000 to £3.2m over the same period, for the 52 weeks ended December 2022.
The parcels company provides courier services in the north of Scotland and has 15 depots across Scotland.
The BBC reported the company said in a letter: "The business has been incurring significant losses over the last two years and, having exhausted all other options, has come to the disappointing conclusion that it is no longer sustainable in its current form."
Menzies Distribution, one of the UK's largest logistics firms with 5,000 staff, announced in July that Polish-based company InPost had taken a 30% stake in the firm for £49.3m, with an option to buy the remaining 70% of the parent within three years.
The parent company was previously part of John Menzies, dating from 1833 and one of Scotland's oldest companies. Menzies Distribution was acquired by private equity investor Endless LLP in 2018 as part of the firm’s separation from Edinburgh-based John Menzies plc.
Menzies Distribution has been asked for comment.
Scottish law firm rises to 'challenging' climate
Law firm Blackadders has reported a rise in profits and turnover amid “challenging” trading conditions, driven by a strong performance in the second half of its financial year.
New results, which combine the accounts of full-service law firm Blackadders LLP and the Blackadders wealth management operation, show that the business made a profit of £4.23 million in the year ended March 31, 2023, up from £3.93m the year before. Turnover across the group increased to £16.7m from around £15.4m.
Family-owned distillery to close catering offering
An independent Scottish distillery has said it is to close its visitor café as it is hit by the current economic climate’s impact on hospitality.
Ardnahoe Distillery said its visitor centre, public tours and gift shop at the site on the island of Islay remain open. "We’re sad to announce our plans to close the café facilities at Ardnahoe Distillery," the company posted on social media.
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