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Diamond firm in MOO deal • Blackburn-based transport firm Gil
Page 9
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bralth Transtore, one of the three firms owned by Diamond Acceptances that went into receivership last month, has been sold in a management buyout deal (CM 1824 April),
Tenon Recovery, which was handling the receivership, has confirmed that the MBO has secured most of the jobs at the firm—there have only been two redundancies.
However, receivers at West Bromwich-based Ellis J Fellows Transport and Trading, also part of Diamond Acceptances, have been forced to make all drivers and mechanics redundant.
Tenon Recovery's London office has confirmed that the receivers were hoping to sell Ellis J Fellows as a going concern but negotiations with a number of Interested parties had fallen through.
The third Diamond Acceptances company, Partrick, has also been closed with the loss of 30 jobs.
CM contacted Frank Owens, who is listed as a director of Diamond Acceptances and also owns the shares of Macfreight Services, which went into dation last year.
He declines to comment on the situation with Diamond at the moment but says he might be in a position to do so in about two weeks' time.