FRP administrators save 55 jobs at Clearway Distribution
Administrators sell Nottingham-based haulage business, salvaging 55 jobs
FRP ADVISORY administrators have managed to sell road haulage business Clearway Distribution, securing 55 jobs.
Chris Stirland and Nathan Jones were appointed administrators after the business suffered difficult trading conditions and have sold the business back to exisiting management.
Clearway Distribution entered a Company Voluntary Arrangement (CVA) which failed in November last year. A CVA is a deal brokered by an insolvency practitioner that consolidates debt and arranges to repay a percentage over a contracted period of time.
Stirland, partner at FRP Advisory, said: “Despite having a strong client base and good pipeline of work, Clearway Distribution – like many haulage companies – found its profit margins being squeezed by high fuel costs, and the loss of some key customers meant the site it occupied was far too large and expensive to enable a successful trading business with the reduced level of turnover to operate from that location.”
He added all 55 employees would now work with the new company which will trade as B2B Logistics.