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136 
City firms in administratior but aim to trade into profit
Page 4
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• by bike Gordon Milton Keynes-based transport giant City Logistics called in the administrators this week. Also being looked after by the same administrators, Andersen, are City Truck Rentals, City Trucks and City Coolkit; all part of the City Truck Group.
Andersen says all the firms in administration are trading as usual in a bid to refinance City or sell it as a going concern.
City was set up with three trucks in 1979—it grew to run more than 1,000 and enjoyed the distinction of being the only haulage firm to be listed in the Sunday Times Profit Track 100 for the year 2000.
Even John Bridge, the former national chairman of the Road Haulage Association. was unable to resist City's charms; last year he sold his family firm, CW Bridge, to it and became the company's strategic development manager.
At the time Bridge predicted the end for medium-sized operators and said the way forward was for larger companies. This week he says: "It is always very disappointing when this occurs in any business. I will do my bit to ensure that the company survives."
David Pattison, of market analysts Plimsoll Publishing, believes that City expanded too
quickly. In December 1999 the group had sales of 265m and debts of 240m but not much in the way of assets, he adds: "There were danger signs at least three years ago even though the company seemed to be doing well by pushing up profits and sales."
According to one would-be driver who had applied to go on a training course with the company, City managers were claiming their financial problems were caused by late payments from some of their customers.
As CMwent to press City was standing by City: Still trading while in administration.
as promise to run the training course, wl is planned for the middle of next month.
Renault VI is City's main truck supp with more than 500 vehicles either lea: or sold to the group over the past years. Renault VI marketing director El Harron says: "This was a surprise to us. will work with City, who has been a term customer of ours, and the adminis1 tors to find the best solution."