A HAULAGE firm in Cwmbran which was trading for 20 years has collapsed, with more than 30 people losing their jobs.

But more than 60 jobs which also faced being cut could be saved after the company was bought out of administration.

Bridgetime Transport Ltd, based at the Ty Coch Industrial Estate, cut its workforce by a third - around 30 people - in January, and entered administration shortly afterwards.

A statement by business recovery organisation Begbies Traynor Group said: "Despite over 20 years of successful trading, the challenges of the economic climate in recent years saw the company run into difficulties.

"With weakened demand for goods - and therefore haulage services - among some of its key customers, the company experienced a significant drop in volumes and revenue, which led to trading losses that impacted the company’s cash flow.

"At its peak it employed almost 100, but despite maintaining turnover in excess of £7 million and attempts to cut costs, including reducing employee numbers by a third by January 2024, the company could not remain solvent, and the director took steps to put the company into administration to safeguard the long-term future of the business and its employees."

Now, "elements of the trade and assets of the company" have been sold out of administration to Monex Group, which Begbies Traynor said would "(secure) the future employment of the majoirty of the workforce".

James Howells, managing director at Monex Group, said: “It is always incredibly sad to see the demise of such a well-known local transport business.

"We regret that in the time available to us, the Monex Group was not able to protect all of the dedicated employees. However we are pleased to have been able to save a number of local jobs.”

Out of almost 100 employee positions at Bridgetime Transport Ltd, more than 30 employees have faced redundancy while over 60 have been able to keep their jobs through the administration process.

Huw Powell, administrator and partner at Begbies Traynor, said: “It is always sad to see a long-established company reach this point, especially one such as Bridgetime where, under the guidance of its director Robbie Evans, it had achieved so much and received excellent customer feedback over more than 20 years.

"I know both Robbie and his wife Emma-Jane would like to extend their gratitude to all staff, stakeholders and clients for their support over the years.

“Moving forwards, we are delighted to be able to secure the future of so many jobs after such a difficult period through this deal with the Monex Group. We wish them every success in the future.”