Receivers of trucking company Wettenhalls Group have sold part of the business in a management buyout. The purchase will help protect about 200 permanent jobs and keep the trucks on the road.
Wettenhalls was one company within the Wettenhalls Group, the others being Amezdroz & Sons, Wildan Transport, and Logistics Group Investments Ltd.
“Within hours of our appointment we had spoken to every major player in the road transport sector to gauge their level of interest, and it is fair to say the interest was significant,” receiver and Ferrier Hodgson partner, Brendan Richards, said.
“It was clear there was a future for this business if we could bring together the new management team with a restructure and a buyer within a short timeframe,” he said.
“By closing the Express business and selling the Warrnambool business we have been able to restructure the Wettenhalls operation and as a consequence we are left with a stronger business that has the potential to generate value.”
A first creditors meeting was scheduled for Thursday, February 7, in Melbourne.
The group went into voluntary administration on January 25, administered by Luke Targett of BDO.
Creditors GE Capital appointed Ferrier Hodgson receivers on the same day over what is believed to be an $11 million debt.