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. The company has been sold to Almtone, a holding company registered in September 2017, for an undisclosed sum. Almtone shares a common director with Canute Group in the form of Glenn Marshall. The other listed director, and sole shareholder of Almtone, is Michael Ventham. The new business will continue to […]
By the time the Beast from the East had done its damage and spring was finally making itself known, official figures showed that there had been 574 insolvencies in UK logistics during the first three months of 2018.
Almtone-owned Canute Group will cease trading ahead of Christmas with the loss of 600-plus jobs, after attempts to revive the business in May via a controversial pre-pack sale failed.
Canute Group has won a nationwide distribution contract with envelope supplier Bong UK.