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Innovate sale blamed on market conditions
Page 7
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NOTI GHAM-BASED Innovate Logistics has been put up for sale by parent company Eimskip.
The Icelandic shipping firm blamed losses to the tune of €74.1m (f58.7m) at Innovate for the decision to sell the company, together with tough market conditions in the UK.
Eimskip will write off the losses in its second-quarter figures, and is now seeking a buyer for Innovate's assets.
In a statement revealing its intentions, Eimskip says that as part of Innovate's strategy, it entered into long-term lease agreements for transportation systems, and warehouses, but tougher market conditions resulted in a lower than expected utilisation.
In the last set of accounts, which were filed at Companies House for the year to 26 March 2006, Innovate reported pre-tax losses of £1.49m on a turnover of £1.77m. Eimskip board members Stephen Savage and Stephen Dargavel, who previously owned Innovate, have stepped down.
Transport Intelligence chief analyst John Manners-Bell believes the decision to sell Innovate is linked with the increasingly poor economic conditions in Iceland and the resulting pressure being put on Icelandic companies.
"I would say this is not a result of issues specifically related to Innovate, but more to do with the financing of Icelandic companies."
He expects it will be business as usual at Innovate while it is up for sale.
• Wincanton is not pressing ahead with a proposed takeover offer for TDG after deciding that such a deal would not he in its best interests.
The company had made a cash offer of 281.25p per share for TDG in May, but it has now informed TDG that it will not be progressing with the deal.