All 65 jobs have been lost at an Angus-based haulage firm following the failure to find a buyer for the business.

Begbies Traynor were appointed administrators to AAD Transport in February after the family-owned business ran into difficulties in the wake of the Covid pandemic, followed by a surge in fuel and other operating costs. Administrators had spent the last several weeks looking for a buyer, but following negotiations with "a number of closing date bidders" they were unable to secure a deal due to "some challenges within the existing business cost model".

The business has now ceased trading, with administrators providing assistance to staff to advance their redundancy claims and work with the Redundancy Payments Service. 

READ MORE: Haulage firms going bust as Brexit and driver shortages bite

The company had been in business for 13 years, offering haulage services across the UK along with some services for regions of France and Spain. The administrators and their agents are now in the process of realising the company assets, which include an "extensive" fleet of lorries and trailers, to maximise value for the creditors of the company.

"The haulage sector continues to have challenges that are sector wide, including high fuel and related costs, often carrying legacy debt/tax arrears, whilst competition for new orders and work is fierce," joint administrators Ken Pattullo and Thomas McKay said in a statement this afternoon.

"The net impact is low profit margins which will inevitably impact on cash flow. If any other firms in the sector are affected by similar circumstances and require assistance, we are available to assist should they require independent advice."

The sector has been under pressure following the combined impact of the pandemic and Brexit, with a lack of drivers and the loss of cross-border trade taking their toll on the industry.