B2B Logistics set to appoint Liquidator
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By Ashleigh Wight CREDITORS WILL meet today (Thursday 31 January) to decide the future of Nottingham-based B2B Logistics, after the business got into trouble a year on from conducting a controversial prepack deal.
B2B Logistics, which bought the business and assets of Clearway Distribution in a pre-pack deal in January 2012, will meet with creditors to appoint a liquidator.
A spokesman for liquidator Begbies Traynor told CM that B2B Logistics has not been trading for some time, and creditors will vote on the liquidators' appointment.
Clearway Distribution, which ran 90 vehicles and 90 trailers, entered into a CVA in December 2009 to defer over £2m in debt. The arrangement failed in November 2011 and it appointed administrator FRP Advisory two months later, leading to the pre-pack deal.
Clearway's statement of affairs revealed it owed creditors an estimated £3.3m when it went into administration, including pallet network Palletline, which was owed £51,038; RH Group, which was owed £46,730, and K&M Hauliers, which was owed £39,063.
The firm was then sold to its existing management team, who began trading under the name B2B Logistics, for £100,000 plus 25% of the first year's profits, saving 55 jobs. It ran in the Pall-Ex network. B Taylor & Sons (Transport) has taken on part of the NG postcode for Pall-Ex, replacing B2B Logistics.