Land, sea and air freight and logistics firm Amco Services (International) has been sold in a pre-pack deal which has saved 160 jobs.
The company called in the administrators in April after the impact of the Covid-19 pandemic disrupted a turnaround plan launched earlier in the year in response to mounting cash and creditor pressure.
The deal sees around 160 jobs saved and the firm’s depots in Redditch, Worcester and Telford kept in operation.
The pre-pack sale, arranged by joint administrators at Grant Thornton, sees Amco Services International, bought out of administration by CBW Resources.
CBW Resources management team includes director Paul Andrews, who is also operations director at Amco Services International and a director of Amco Services European.
According to Companies House, Andrews has been employed at CBW Services since 2010 and at Amco Services (International) since 2002.
Amco provides land, sea and air freight, logistics and warehouse services to clients from the defence, automotive and consumer goods sectors.
Eddie Williams and Jon Roden, from financial services firm Grant Thornton, were appointed joint administrators of Amco and brokered the rescue deal.
Williams said: "I am very pleased that we have been able to conclude a sale of the majority of the Amco operations to CBW with no redundancies of the workforce.
"The company has demonstrated historically that it is ideally placed to support its customers in the areas of complex logistics in both the UK and internationally.
"However, the company had been experiencing increasing cash and creditor pressure since early 2020 and was mid turnaround before the impact of Covid-19 caused significant further disruption to operations which has led to this position.
"I would like to thank the management teams and all the stakeholders for their support and approach and I wish CBW every success in the future."
