Jobs saved as courier firm is bought out of administration

A logistics firm in Warrington has been bought out of administration.

The deal means that around 13 jobs at specialist courier firm Vanarak have been saved.

Vanarak specialises in supplying the high security storage and movement of sensitive documents on behalf of the government, IT manufacturers and public sector organisations.

Cowgills Business Recovery team was appointed as joint administrator at Vanarak last month after its director sought advice from his accountant following a difficult period of trading.

Nick Brierley, director Cowgills, said the aim was to “maximise the value in the business and assets, ensure the best result for creditors and to secure as many jobs as possible”.

He added: “Thankfully, Vanarak’s director sought advice as early as possible and we were able to avoid a shutdown scenario and a liquidation.

“It gave us time to market the company properly and reach an outcome which provides the maximum benefit to all parties.

“Over the last few weeks, we received a number of expressions of interest and the offer received on 22 January from Cryptopia Ltd was subsequently recommended for acceptance by our agents and that sale completed on 24 January 2019.”