Jobs saved in Clearway MBO
Fifty-five jobs have been rescued after Nottingham-based Clearway Distribution was bought out of administration.
Management purchased the haulage company after it fell into administration on 5 January following an unsuccessful corporate voluntary arrangement.
Administrators Chris Stirland and Nathan Jones of FRP Advisory were appointed to the company.
After marketing the business, the pair said they received "a number of offers", the strongest of which was from the company's existing management.
All 55 employees have now transferred to the new company which will trade as B2B Logistics, said joint administrator Stirland.
Clearway Distribution began to experience trading difficulties and bad debts over the last few years, leading to an unmanageable cashflow situation.
Stirland 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, the loss of some key customers meant that 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."
"In order to protect the underlying value of Clearway Distribution, we determined that a managed administration process would safeguard goodwill while we sought to identify a suitable buyer for the company."
Financial support for the deal was provided by Bibby Financial Services with legal advice from Shoosmiths.
