Food logistics firm saved from administration

By James Ridler contact

- Last updated on GMT

EV Cargo Logistics has bought NFT out of administration
EV Cargo Logistics has bought NFT out of administration

Related tags: Supply chain

Chilled logistics firm NFT Distribution Operations has been bought out of administration, safeguarding the jobs of 1,980 workers.

The business, which counts retailer J Sainsbury as one of its biggest customers, appointed PricewaterhouseCoopers (PwC) as administrators last year, after reporting a pre-tax loss of about £31m in its 2018 full-year financial results.

EV Cargo Logistics (EVCL) acquired a majority of NFT’s assets, a move that protected jobs and ensured a seamless transition of the business and services for its associated customers

The sale did not include the operations at NFT’s Tilbury site, which has continued to trade with the ongoing support of key customers while all parties explore potential solutions.

‘Stronger financial footing’

Rob Moran, PwC restructuring M&A (mergers and acquisitions) partner, commented: “The sale of the majority of the business to EV Cargo Logistics Limited puts the ongoing business on a stronger financial footing.  

“We are pleased to have supported NFT in this M&A transaction and wish EVCL very best wishes with its future trading”

However, the sale has not been able to protect all 2,231 members of the workforce, with at least 231 members of staff expected to be made redundant as a result.

‘Challenging trading conditions’

PwC deals partner Peter Dickens added: “I would like to personally thank the NFT team for their tireless hard work in securing the future of the business and so many of their colleagues’ employment, after a period of challenging trading conditions.

“It is with regret that we have had to make a small number of redundancies and we are providing support to those impacted by this.”     

Meanwhile, jobs at desserts maker Indulgence Patisserie have been saved after certain assets of the company were bought out of administration by specialist turnaround investment firm Volvere.

Under the terms of the deal, the trading assets and the property assets of Indulgence Patisserie will be held in wholly owned subsidiaries of Volvere.

Related topics: Supply Chain

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1 comment

Support? What support

Posted by Nathan White,

I was one of the drivers at Tilbury depot that was made redundant. Only support offered was the benefits office web site address. It is now down to me to claim my redundancy through the government redundancy service which will take upto 12 weeks. Thankfully I shouldn't be out of pockets but a few ex employees will be as the government service has a cap on the limit they will pay you. What has happened is a easy way for NFT to wash its hands of Tilbury depot which was poorly managed since the day it was opened.

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