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NEWS INSIDE
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TCs attack FORS
NFT buyer offers to pay creditors in equal monthly instalments
EV Cargo Logistics buys NFT assets in pre-pack
16/01/2020 13:00
FORS director defends auditing procedures
By Chris Tindall
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OPERATORS INSIDE AJWG .......................................................... p3 CEVA Logistics .............................................. p6 Clugston Distribution Services ...................... p3 DHL .............................................................. p6 DHL Supply Chain .......................................... p4 HLD Group..................................................... p3 Kinaxia Logistics ........................................... p6 Kuehne+Nagel .............................................. p6 Maritime Transport........................................ p6 Wincanton .................................................... p8
Creditors of NFT Distribution Operations have contacted MT to criticise the way its business and assets were sold and that it could take months before unpaid invoices are settled. PricewaterhouseCoopers (PwC) confirmed last week that it was appointed administrator of the company, which is headquartered in Alfreton, Derbyshire, and had a workforce of 2,231 staff. PwC said that on 31 January the majority of NFT’s business and assets were sold to EV Cargo Logistics in a pre-pack deal after the appointment of administrators. The sale involved the transfer of an element of the secured debt from NFT to the purchaser. It said this safeguarded 1,980 jobs and “ensured a seamless transition of the business and services for its associated customers”. PwC restructuring M&A part-
ner Rob Moran said: “The sale of the majority of the business to EV Cargo Logistics puts the ongoing business on a stronger financial footing.” It is understood that NFT continues to operate its Tilbury site under the control of the administrators. However, some companies said they had been left in the dark about when they would be paid. In a letter to creditors seen by MT, EV Cargo Logistics said it was only prepared to settle amounts owed “in equal monthly instalments”, provided that a contract HOT WATER: HGV drivers aboard a ro-ro ferry that rolled heavily in rough seas en route to Scotland ignored international regulations and stayed in their cabs, putting themselves and rescuers at risk. A Marine Accident Investigation Branch (MAIB) report highlighted the “industry-wide” issue after nine trucks toppled over on the P&O ferry as it sailed from Northern Ireland to Cairnryan on 18 December 2018. Four drivers were found in cabs of vehicles that had toppled over; one was trapped and had to be freed by the emergency services when the ship docked.
remained in place. One creditor queried why he hadn’t been kept informed of developments: “It frustrates me. It’s the principle of it,” he said. Sole trader David Lynne said he was only owed £500 for backloads, but he was struggling to speak to anyone at EV Cargo Logistics. Records show that applications for standard national O-licences in the name of EV Cargo Logistics in the Welsh, West of England, North West of England and East of England traffic areas are all under consideration.
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