Aldridge based AMTRAK Express Parcels has been rescued from administration, following several months of searching for finance or a new owner, also safeguarding 40 jobs at it's hub in Warrington.
Mark Orton and Allan Graham from KPMG's restructuring practice were appointed as administrators on January 13 and have now successfully negotiated the sale of the business to Netfold, which will trade under the name of Amtrak. The firm has a turnover of £80m and nearly 1,000 employees across the UK.
Mr 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."
The new company chairman, Ron Series, and the managing director, Alan Jones, have considerable experience in the turnaround of under-performing businesses in the parcels and transport and logistics sector.
Mr Series said: "Despite its recent financial difficulties, Amtrak and its staff have continued to provide a high service level to its customers.
"Alan Jones and I look forward to restoring the operational and financial performance of the business to a level that will ensure a profitable and secure future for the business, its customers, suppliers and staff."
As well as the head office in Aldridge, the company has a base in Warrington, an administration office in Bristol, and 80 owned and franchised depots across the country, including Liverpool.
In September, Amtrak opened a new parcel sorting centre in Warrington, handling around 25,000 parcels every night.
The 65,000 sq ft building was opened to boost Amtrak's national capacity and to handle parcels destined for the North West of England and Scotland.
The new hub has been specially designed to handle fragile items, using wireless technology with handheld scanners, allowing rapid throughput of parcels which are hand-loaded on to a 70-metre carousel parcel sorter.
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