Amtrak Express Parcels of the UK has been sold to a corporate turnaround specialist after it wentinto administration last week amid financial difficulties.
Accountants KPMG sold Amtrak to new owners Netfold within days of the business enteringadministration. Netfold said it was confident of securing the company’s future.
Amtrak, bought last year by a US investment company from 3i, suffered financial problemsduring the autumn and has been looking for a buyer or refinancing for several months, the companysaid in a statement.
Netfold Ltd. specialises in turning companies’ fortunes around, especially in the transportand logistics sectors, and was previously successful with freight forwarder Seawheel and TuffnellsParcels Express Ltd. Amtrak is to continue trading under the same name, Netfold said.
“Despite uncertainties following the earlier sale by 3i last summer, Amtrak and its staffhave continued to provide a high service level to its customers,” said Ron Series, new Amtrakchairman.
“Amtrak enjoyed busy trading during December, which should provide a good platform for thebusiness in 2007. (We) look forward to restoring the financial performance of the business to alevel that will ensure a profitable and secure future for the business, its customers, suppliersand staff,” Series added.
Amtrak, first formed in 1987, had a turnover of around GBP 80 million last year, about 20%down on that reported for the year before. It has around 1000 employees, all of whose contracts arebeing transferred to the new company, and a 2000-strong fleet of commercial vehicles.
As well as a national operational centre in the West Midlands, the company has a regional hubin Warrington and an administrative office in Bristol. Amtrak has 80 owned and franchised depotsacross the UK. It acquired overnight carrier Nightspeed in 2005.
In December, Amtrak announced a contract delivering thousands of parcels a week for VirginVie At Home, one of Britain’s leading direct selling companies.
