KPMG finds buyer for parcel business

by AccountancyAge.com

16 Jan 2007

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KPMG administrators Mark Orton and Allan Graham have sold West Midlands-based express parcels company, Amtrak Express Parcels, Limited to Netfold Limited. The business will continue to trade under the Amtrak name.

This follows their appointment as administrators on 13 January 2007 after Amtrak Express Parcels suffered financial difficulties - it had been seeking a buyer in recent months.

It has turnover of £80m and nearly 1,000 employees.

Orton said: ‘The company has been looking for a buyer or refinancing in recent months. The sale protects the jobs of the company's employees and provides continuity and ongoing business for the customers and suppliers. Amtrak enjoyed busy trading during December which should provide a good platform for the business in 2007.’

Further reading:

KPMG steps in at troubled car components maker

KPMG closes Portland Conservatories

KPMG aims to save home improvement business

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