Creditors of Aspray Transport have voted in favour of a company voluntary arrangement (CVA).
The full details of the CVA have not been released, but Aspray owner Bushell Investment Group said 99% of the company’s trade suppliers had supported it, representing a clear “reflection of their support of the proposed turnaround strategy”.
It added that the CVA would be completed in six months or less and "trade suppliers will be paid in full on their normal trade terms".
Following the passing of the CVA today (23 April), John Gillam has been appointed interim CEO of the Willenhall-based company that trades as Aspray24.
He was MD at Waldron Supply Chain Solutions.
Gillam said: “This represents an exciting new chapter for the business. The CVA addresses many of the legacy issues which were impacting on Aspray Transport and ensures we can focus our attention on looking to the future.
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“As a result of the CVA new funds will be invested and we are firmly committed to growing the business.”
The CVA does not encompass group companies Aspray International, Aspray Logistics and Aspray History.
RSM Restructuring Advisory and Shoosmiths advised on the insolvency process.
A spokesman for RSM Restructuring Advisory confirmed creditors' support and reiterated that "trade suppliers will not be compromised by the CVA and will be paid on their normal trade terms".
Earlier this month motortransport.co.uk revealed that Aspray founder Pat Laight had severed ties with the business and would not be its chairman as advertised after the operator was sold in March.
