Former City Link parent Better Capital has revised up the amount it expects to receive from its investment in the collapsed parcel carrier. In its report for the six months to 30 September, the business turnaround specialist said it expects to collect a £22m dividend from the sale of City Link’s assets. In June Better Capital estimated it would receive £20m, half of the £40m it invested in the parcel carrier following its purchase from former parent Rentokil Initial in […]
The assets and business of Palletline Logistics (Midlands) were bought for £71,000 in a pre-pack deal in July by newly formed Global Logistics Central on the same day the former went into administration, according to administrator RSM Tenon.
City Link has invested in additional drivers, delivery vehicles and warehouse staff ahead of the bumper parcel volumes expected this Christmas.
More than 600 jobs at XPO Logistics are at risk after the collapse and subsequent sale of House of Fraser to Sports Direct, which has left the operator owed £30.4m.