News

Palletline Logistics (Midlands) has CVA approved

May 17, 2012

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 […]

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Eddie Stobart profit falls as increased costs bite

May 17, 2012 Christopher Walton

Stobart Group’s transport and distribution division, Eddie Stobart, saw revenue grow but profit fall in its most recent trading year, as it failed to cover increased costs through rate rises. For the 12 months ending 29 February turnover rose to £519.5m from £475.3m a year ago. However, pre-tax profit fell from £34.2m to £27.4m, due to cost increases of £4m “which have not been fully recovered through rate increases, mainly due to the increase in our customers’ costs”. Furthermore, £11.4m […]

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Nightline celebrates 20 years in business

May 15, 2012 Hayley Pink

Irish parcels firm Nightline celebrated its 20th year in business with a visit from Ireland’s deputy prime minister Eamon Gilmore. Speaking at the firm’s Dublin headquarters, Gilmore said Nightline’s success during a period of economic uncertainty was due to the company’s “solid foundation” of innovation, commitment and hard work. He added:  “Businesses like Nightline are important to not only the national economy but also local communities through employment and local expenditure.” Nightline began trading in May 1992 from a back […]

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DPD reacts to Money Saving Expert’s consumer campaign

May 15, 2012 Hayley Pink

DPD is urging the parcels sector to focus on helping retailers avoid unhappy customers through failed deliveries following a new consumer campaign launched this morning on ITV’s Daybreak programme, Stand and Deliver. Speaking in reaction to Money Saving Expert Martin Lewis’s campaign to help shoppers stand up for their rights after a failed parcel delivery, DPD CEO Dwain McDonald says the spotlight is now on both the delivery sector and online retailers. He adds: “Both parties have to work together […]

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Deben Transport offer lifeline to Catalyst subbies

May 15, 2012 Chris Tindall

Subcontractors for failed intermodal container haulier Catalyst Road and Rail Services have been handed a lifeline after Deben Transport stepped in to take on some of the work. Catalyst Rail Services, which holds two O-licences for a total of 25 vehicles and 29 trailers entered voluntary liquidation on 24 April. In a statement of affairs the liquidator estimates that trade and expense creditors are owed £982,000. It also said that the company’s books and records revealed that its bank account […]

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Autologic acquires Spirit Motortransport assets

May 14, 2012 Christopher Walton

Autologic has made its third asset acquisition from failed car transporter hauliers in as many years. Through its subsidiary Walon it has acquired certain assets of Spirit Motortransport, which entered administration on Friday 11 May. Autologic says the assets acquired comprise car transporters, IT and office equipment and the goodwill attached to the Spirit name. Avril Palmer-Baunack, chief executive of Autologic, says: “We have taken the opportunity to acquire further key assets that strengthen our operational transporter fleet, which is […]

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UPS secures TNT Express takeover funding

May 14, 2012 Hayley Pink

UPS has announced it has the funding in place for the acquisition of TNT Express, which was announced on 19 March. The US parcels giant will finance the deal by using €3.7bn of cash from its balance sheet and around €1.46bn via existing credit facilities. Totalling €5.16bn, the original deal reached between UPS and TNT Express was for an all-cash offer of €9.50 per ordinary share for the takeover of the Dutch business. In line with Dutch regulatory requirements, UPS […]

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CVA at Circle Express

May 14, 2012 Hayley Pink

Creditors at airfreight haulier Circle Express unanimously voted to approve a company voluntary arrangement (CVA). The Slough-based logistics firm appointed turnaround firm KSA Group to devise a CVA to enable the business to carry on trading while it repays its debts over five years at a rate of 38.3p/per pound owed for unsecured creditors. In its CVA submission, seen by MT.co.uk, Circle explains how rising fuel prices in 2008 led to diesel costs outstripping the company’s fuel surcharge, set at […]

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UPS employs two wheels, two feet and the River Thames for Games deliveries

May 9, 2012 Hayley Pink

UPS has revealed it will be using bicycles, couriers on foot and London’s waterways in a bid to minimise delivery disruption during the Games period. Following successful trials in January and February in multiple postcodes around central London, the US logistics giant has decided to incorporate a fleet of bicycles into its operation, which will be able to access most nearside Games Lanes on the designated Olympic Route Network. The company will also transport freight from a warehouse at the […]

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Canute Group buys 12th warehouse

May 9, 2012

Essex-based Canute Group has bought its 12th warehouse site, a facility in Great Blakenham, Suffolk. The development marks the 12th site to be added to Canute’s expanding portfolio of facilities throughout the UK, following the addition of the Coventry and Warrington depots. Supporting the Port of Felixstowe, the 105,000ft² site will have up to 12,500 pallet spaces, small item picking and bulk stack areas. David Emslie,  Canute’s group sales director, says: “The location of the depot, with its close proximity […]