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Job losses as Ramage calls in administrators
Page 6
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RAMAGE DISTRIBUTION has called in the administrators and made 350 staff redundant, blaming tough trading conditions and the difficulties of integrating United Freight Distribution (UFD Group), which it acquired in July.
Blair Nimmo and Gary Fraser from KPMG Restructuring were appointed as joint administrators on Wednesday 9 April.
Ramage bought UFD out of administration and closed its Hemel Hempstead depot with the loss of 65 jobs shortly afterwards ('65 jobs go as Ramage buys UFD out of administration', CM 19 July).
In January, the chairman and chief executive at Ramage. Neil Cunningham, said turnover at the company had nearly tripled to £35m since the acquisition. However, the fleet and the staff numbers had been reduced.
LIn a statement, the administrators say Ramage suffered from difficult trading conditions in a highly competitive market with slim margins and rising overheads. It also had difficulties integrating the operations of UFD.
The administrators add that they have had to make 350 staff redundant due to lack of cashflow. However, they say it is too early to give a likely outcome for creditors.