2,000 jobs saved as distribution firm sold out of administration

Almost 2,000 jobs have been saved at a Derbyshire logistics firm after it was sold out of administration.

Alfreton-based NFT Distribution was bought out of administration by EV Cargo Logistics, although around 250 jobs still hang in the balance.

NFT had sites across the UK. The sale didn’t include the firm’s Tilbury site which is continuing to trade while administrators “explore potential solutions.”

Rob Moran, PwC restructuring M&A partner, said: “The sale of the majority of the business to EV Cargo Logistics Limited puts the ongoing business on a stronger financial footing. It also safeguards circa 2,000 jobs and is a positive outcome for the continuing business. We are pleased to have supported NFT in this M&A transaction and wish EVCL very best wishes with its future trading.”

Peter Dickens, PwC deals partner, said: “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.”

In its latest available accounts, made up to 29 September 2018, the company made a loss of £30.8m.