480 jobs lost despite rescue deal for collapsed vehicle business
480 jobs have been lost after the collapse of Cheshire manufacturer Cartwright Group despite a rescue deal for part of the business.
Zenith has acquired the fleet services, rental and finance operations from administrators for an undisclosed sum, securing 259 jobs at sites across the UK.
But hundreds of jobs will be lost at the S Cartwright & Sons (Coachbuilders) and Cartwright Fabrications businesses.
Joint administrator Michael Magnay said: “While we are pleased that a total closure of the group has been avoided, we regret that today’s announcement includes a number of redundancies.”
Cartwright Group was founded in 1952 and makes commercial trailers. It is headquartered in Altrincham with depots in Leeds, Glasgow, and Aldridge in the West Midlands.
Zenith has acquired Cartwright Fleet Services, Cartwright Rentals and Cartwright Finance. The deal creates the UK’s largest HGV and specialist fleets with over 50,000 vehicles and one of the largest trailer rental fleets in the UK.
Martin Jenkins, chief executive of the HGV and specialist vehicles division and group strategy director at Zenith, said: “The businesses have a good reputation in their sector and are a great fit with the customer-first culture at Zenith.
“Bringing these operations together is an important step in our strategic growth plans and supports our position as the leading provider of fleet services across all asset types in the UK.”
The restructuring team at Addleshaw Goddard, led by Tim Taylor, advised the administrators Deloitte on the deal.