Despite selling a majority share to Rico Logistics in January last year and exiting its Company Voluntary Agreement (CVA) early, Circle Express made a loss last year. Reporting its results for the 17 months to March 2016, Circle Express, which runs more than 300 vehicles across eight airport depots, said it had “faced a challenging start to the period under review, with a downturn in trade, coupled with a significant increase in the fixed cost base of the company”. This […]
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 […]
The future of Hellmann Worldwide Logistics rests on the success of a major refinancing deal being negotiated by its German parent company, the 3PL’s auditor KPMG has warned.
Glenfield Storage Solutions, a successor company to failed Widdowson Logistics, remains a going concern despite net liabilities of close to £98,000.