160 jobs saved as logistics firm sold out of administration
Some 160 jobs have been saved at Amco Services (International) after it was sold out of administration to CBW Resources.
Eddie Williams and Jon Roden of Grant Thornton were appointed as joint administrators to AMCO yesterday (2 July)
The £25m turnover business operates from sites in Redditch, Telford and Worcester. It provides ogistics and warehouse services across a wide range of industrial and commercial sectors including defence, automotive and consumer goods on a worldwide basis including land, sea and air freight.
Eddie Williams, advisory partner at Grant Thornton UK LLP said: “I am very pleased that we have been able to conclude a sale of the majority of the AMCO operations to CBW with no redundancies of the workforce. The company has demonstrated historically that it is ideally placed to support its customers in the areas of complex logistics in both the UK and internationally. However, the company had been experiencing increasing cash and creditor pressure since early 2020 and was mid turnaround before the impact of Covid-19 caused significant further disruption to operations which has led to this position.
“The Grant Thornton team have worked tirelessly to achieve this sale on an accelerated basis under these difficult circumstances including rapid liaison and obtaining approval from licencing parties to allow the sale to complete.”
Williams added “I would like to thank the management teams and all the stakeholders for their support and approach, and I wish CBW every success in the future.”