BusinessBusiness RecoveryKPMG finds buyer for parcel business

KPMG finds buyer for parcel business

Administrators sell Amtrak Express Parcels

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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