Canute Group has been forced to reassure staff that the business will endure after a delay in paying wages earlier this month. In a letter to employees, seen by MT, Canute director Noel Marshall attributed staff payment delays to problems arising from the company’s decision to switch banks earlier this year, which “proved to be the wrong choice”. The subsequent move to a new lender to address this is understood to have resulted in a delay in staff being paid, […]
Struggling Canute Group has completed a pre-pack sale, in a move that saves 800 jobs at the business but will likely leave some creditors of the firm out of pocket.
Unsecured creditors of Canute Haulage Group and its successor are set to be left almost £11m out of pocket after last year’s doubleheader of collapses.
A bad debt and the loss of its largest client set off a chain of events that sunk old Canute leading to a controversial rebirth in May, MT takes a closer look.