Howard Tenens closes subsidiary

Howard Tenens Logistics experienced mixed fortunes in 2022, boosting turnover by more than a quarter but being forced to close down its subsidiary Howard Tenens (West London) after it was hit by the impact of the Covid-19 pandemic.

In its latest annual results to 30 September 2022, the company saw its turnover rise almost 26% to £106.1m (2021: £84.4m) while pre-tax profit leapt to £5.7m, up from £3.6m in the previous year.

The Stroud-based haulier, which specialises in logistics, distribution and warehousing, said these results were achieved despite the economic turmoil created by the Russian invasion of Ukraine and its impact on inflation and supply chains.

Howard Tenens (West London) suffered an 80% reduction in volume from two big customers and was dissolved in September 2022, with Howard Tenens Logistics taking over its entire trade and assets and writing off the remaining investment value of £999,000.

In its strategic report to the results, Howard Tenens Logistics said the period had seen “a healthy amount of organic growth, particularly within our transport division” driven by new business and expanding services to existing customers.