Palletline has revealed one of its founder members has gone to the courts to secure a company voluntary arrangement (CVA).
Russett stepped down as chairman at Palletline Plc in 2005 to concentrate on his other interests.
In a statement issued today, Palletline confirmed its member company had gone to the courts to attain a CVA on the 26 April in a bid to buy it some breathing space from creditors.
Kevin Buchanan, MD of Palletline plc, adds: “Being a member owned network Palletline plc does everything it can to support its members, which comprise 63 companies across the UK and Ireland, ensuring strong service performance despite challenging times.”
“Unfortunately, rising fuel costs and a tough local trading environment has forced one of our member companies to apply to the courts to enter a CVA. The arrangement will allow Palletline Logistics to continue operating, while meeting its obligations to customers and creditors alike.”
In a recent blog post Russett attacked the Chancellor for missing his opportunity to help road haulage and the wider the UK economy in the Budget.