800 jobs saved as logistics firm sold for £1

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Logistics firm, Canute Group, has been sold in a pre-pack deal that will save 800 jobs, according to reports.

Motor Transport says that the firm, which in the East Midlands operates from Manton near Worksop and Retford, has been sold to Almtone for just £1m. Glen Marshall is a director of both Almtone and Canute.

The business will continue as Canute Group.

Motor Transport says that the firm’s accounts are overdue at Companies House, but that it had a turnover £106m for the year-ending 31 July 2016, when it made a loss of £442,000.

A statement from Canute said: “After what has been a particularly difficult period for the Canute Group we are delighted to announce that the assets and trading divisions of Canute have been sold as a going concern to Almtone.

“Our recent challenges have been well publicised and we are enormously grateful for your patience and support shown by our loyal customers, we now look forward to correcting our course to one of stability and positive growth based on consistent and reliable services for all of our customers.”