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Lack of funding Leads to Bulmers' administration
Page 6
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By Roger Brown TEESSIDE CONTAINER operator Bulmers Logistics has entered and emerged from a pre-packaged administration.
Bulmers Logistics entered administration on 21 January, but a management buyout (MB 0) led by managing director Jonathan Bulmer acquired the trade and assets of the firm for an undisclosed sum in order to create a new company: Bulmers Transport.
The company will close its offices in Hull and Immingham, make about 50 staff redundant, and reduce its fleet by 40 trucks to 144.
The 200 retained staff will transfer across to the new firm under TUPE regulations and the new business will be run from existing offices in Middlesbrough and Ipswich.
Bulmers Logistics had already cut 50 jobs before Christmas in an effort to reduce costs.
Bulmer says he regrets the driver and staff redundancies but the appropriate 0-licences, funding arrangements and insurances are all in the place at the new company, "We have contacted all of our customers, and it is extremely heartening to have received 100% support at a difficult time. Our customers do appreciate that the global economic crisis has had a significant impact on volumes."
AndrewSpence-Wolrich ,director at Bulmers Transport, tells CM the company was badly hit by lack of funding from its backers and the fall in container volumes from overseas due to the economic slump.
"We have had a lot of support from our employees since the announcement," he adds.
The boss of a rival transport firm. who does not wish to be named. tells CM: "I don't know how Bulmers have managed to do this." As CM went to press, a spokesman for administrator Deloitte was unable to confirm the size of Bulmers Logistics' debt or the likelihood of creditors getting paid.