A haulage firm from the Forest of Dean have announced that "with a heavy heart" they are to cease trading after more than 70 years.

Richard Read (Transport) Ltd announced via social media that due to shrinking margins and a rising overhead that they have decided to call it a day, so they can "exit while we are ahead."

The company stressed in a statement that there are not in administration and are not insolvent, but had made the decision based on an understanding of their business and marketplace.

Lorries will start leaving the roads at the end of March, while the company will keep their commercial MOT lane open until May.

The exact date for both parts of the operation closing will be decided once work loads and order books are cleared.

The statement said: "It is with a heavy heart we announce that Richard Read (Transport) Ltd. is to cease trading.

During the last 18 months we have made valiant efforts to restructure the business and focus attentions on our core activities of Transport and Pallet Network services.

"We have been successful in growing our customer base, boosting volumes and increasing sales.

"Unfortunately, the financial results of trading in 2018 have been very disappointing largely due to shrinking margins and a rising overhead.

"Despite the positive growth, it remains a constant battle to be competitive whilst at the same time running decent trucks, attract and keep a skilled workforce and remain compliant with all legislative requirements of the haulage industry.

"Our forecasts for 2019 show a similar picture and we are unable to upscale the business sufficiently to dilute our overhead.

We would like to make clear that we are not in administration and are not insolvent.

"The decision is based on a very real understanding of our business and the marketplace and a strong desire to exit while we are ahead."

The company was founded shortly after the Second World War and has been in operation for 73years.

While operations and its website will be closed down, the company will continue to operate a facebook page to maintain links to its history and with customers and employees.

The statement added: "There are no words to fully define our gratitude to the people that have made this company what it is since its founding.

"It has been so much more than a job for many people; a community and a way of life for many.

"Our employees both past and present have always been our finest asset and will have much to offer their new employers as they further their careers.

"Our website will be taken down in due course, however our Facebook page will remain live and will hopefully be a place where photos and stories from 73 years of business can be exchanged.

"The wheels will stop turning here at Longhope at the end of March although the final day of trading will depend on work in progress and specific arrangements known nearer the time."

It concluded: "We send our thanks and appreciation to all of our customers and suppliers who have supported us over the years.

"Our wishes of good health and prosperity go out to all of you especially those trading in our beloved Forest of Dean."

Punchline says, It's devastating to see a renowned and wonderful Gloucestershire company cease trading after so long.

We have seen the great work and great people at Richard Read Transport first hand and wish everyone involved in the company nothing but the best for the future.