More than 100 tanker drivers are now unemployed following the insolvency of Prax Lindsey Oil Refinery and its main delivery contractor, Axis Logistics. The Prax Group, which acquired the refinery from Total in 2021, was unable to overcome significant financial losses amounting to £75 million between its takeover and February 2024. Axis Logistics, which employed 137 staff, entered administration alongside its parent company in late June.
The majority of Axis employees were made redundant, with only a handful retained temporarily to manage the company’s closure. The union representing most of the affected drivers expressed surprise and disappointment over the news. Efforts to recover funds from the company will include selling off assets like the tankers used in deliveries.
Prax’s financial instability also contributed to operational difficulties at Axis, with the business unable to recover. Meanwhile, the Official Receiver has ensured that the refinery’s operations remain secure despite the collapse.
