Buyout for S Jones?
Page 5
If you've noticed an error in this article please click here to report it so we can fix it.
West Midlands haulier S Jones was on the verge of being sold to a management buyout as CM went to press. following the decision of its parent company to call in the receivers.
Aldridge-based S Jones Container Services and the family's truck centre, an ERF dealership, are also up far sale, Receiver KPMC, which was called in last week. says it is confident of selling all three companies as going concerns.
Jim Weir ex-managing director of the haulage arm, wants to buy the firm with his business partner. David Vicary. "ifs business as usual," says Weir. He is currently helping the receivers and says he has had many messages of support from existing customers. The future of S Jones' 2011 employees looks secure, provided buyers can be found.
According to one insider, the group found itself in trouble tollowing a mass auction of second-hand ERF trucks which depressed prices and demand at the firm's dealership. Another source says the group expanded tot quickly and ran out of funds.
Deputy chairman Tony Thomas was unavailable for comment.
The haulage arm of S Jones started in 1947. It was joined by the truck centre in 1968 and by the container storage arm in 19M. The company was at the forefront of 44-tonne operations, with around 10 trucks on intermodal work in 1994.