Ray Smith Group collapses with heavy job losses
Wednesday, January 09, 2008
Intense price competition was a key reason for the company's demise say RSG executives, with one major fleet deal lost to a rival who undercut it by 30 per cent. On the heavy truck side it was hit by a shortage of chassis to mount equipment on thanks to the inability of vehicle manufacturers to keep up with customer demand. Increasing raw material costs had an impact too.
More than 150 jobs have been lost with the collapse of tail-lift and commercial vehicle engineering specialist Ray Smith Group (RSG). Administrator Baker Tilly says that it was impossible for the Peterborough-based firm to continue trading.
Also based in Peterborough, trailer maker Lawrence David has acquired the RSG One-Call aftersales support operation.