The liquidation of the aborted Principle Pallet Network has begun with Menzies appointed to handle the process.

According to a filing at Companies House, Freddy Khalastchi, based at Menzies’ Cardiff office, has been appointed as liquidator.

Principle Pallet Network’s bid to become the UK’s ninth pallet network ended in failure earlier this year, despite last ditch efforts to revive it.

The network, originally set up by ex-Fortec directors Marcus Fischer and Neil Hodgson, was due to debut operationally in 2016 but did not deliver within that time-frame.

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Having remained under the radar since, the network secured a central hub earlier this year, and seemingly renewed momentum, with the former Birds Transport site at 1 Parsonage Street, Oldbury, Birmingham its new home.

However, Adam Leonard, the MD of Principle, confirmed in September that "sadly the project is no more" with the business essentially too far gone to get back on track for launch.

The process includes connected entity Principle Group.

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