Creditors of Palletline Logistics (Midlands) have voted in favour of the company voluntary arrangement (CVA) applied for by the haulier last month. MD Bob Russett (pictured) told Motortransport.co.uk he had mixed feelings after approval of the CVA this week (16 May): relief that it had passed ensuring a future for the business, but disappointment that the action had been necessary. “We are trading profitability and intend to keep doing so,” says Russett. The Birmingham haulier’s cashflow problems stemmed from errors […]
Creditors at airfreight haulier Circle Express unanimously voted to approve a company voluntary arrangement (CVA). The Slough-based logistics firm appointed turnaround firm KSA Group to devise a CVA to enable the business to carry on trading while it repays its debts over five years at a rate of 38.3p/per pound owed for unsecured creditors. In its CVA submission, seen by MT.co.uk, Circle explains how rising fuel prices in 2008 led to diesel costs outstripping the company’s fuel surcharge, set at […]
Palletline Logistics (Midlands) has lost its battle for survival and ceased to trade.