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Nightowl is still flying
Page 7
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NIGHTOWL has been kept afloat, for the time being at least, after its creditors agreed to a CreditorsVoluntary Arrangement (CVA) at a meeting last week.
Negotiations at the meeting took most of the day, before an agreement was reached that £500,000 would be paid to the creditors in total.
An earlier offer for the shareholders to receive 13p in the pound was rejected before 76% voted in favour of a new arrangement.
The deal effectively means the company can continue to trade and its 200 staff keep their jobs.
The UK's biggest truckstop operator called in administrator Chantrey Vellacott just three days before Christmas, making about 30 people redundant and leaving drivers facing a potential parking crisis (CM1 January).
David Oprey of Chantrey Vellacott says: "The meeting approved the arrangements for the CVA. The company is now back in control of its own trading." Asked whether this is only a short-term solution. Oprey says: "It will have to find its own funding.but I understand that has been achieved."
Chantrey Vellacott has already sold off Nightowl's Penrith site to local haulier AW Jenkinson (CM 12 February), but it promises this deal is a one-off.