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Innovate Logistics calls in the administrators
Page 6
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By Roanna Avison INNOVATE LOGISTICS has gone into administration two weeks after it was put up for sale by its parent company, Eirnskip.
Stobart Group has purchased Innovate's chilled and ambient business from the administrator BDO Stoy Hayward for an undisclosed sum. Meanwhile, the Yearsley Group has bought the frozen unit.
Icelandic shipping company Eimskip revealed its intentions to offload its UK subsidiary in June (Innovate Logistics put up for sale', CM 19 June) blaming losses to the tune of €74. lm together with tough market conditions in the UK.
Innovate only launched its ambient business last November, but had a strong foothold in the chilled and frozen sectors after the acquisition of Grampian Country Transport in March 2006 and Corby Chilled Distribution in October 2006.
Shay Bannon and Tony Nygate, business restructuring partners at BDO Stoy Hayward, were appointed joint administrators of Innovate Holdings Ltd and its subsidiaries on Monday (30 June).
Innovate has 15 sites in the UK and employs more than 2,000 staff. Bannon says more than 1,000 jobs have been saved due to the sale of Grampian Country Transport and Corby Chilled, as well as part of Innovate Logistics to Stobart.
A further 550 jobs have also been saved due to the sale of the frozen side of the Innovate firm to Yearsley Group.
Bannon adds: -Despite a tight timescale we were able to identify purchasers for most of the trading businesses. We're delighted to have been able to negotiate these sales. "Our attention is now focused on securing a going-concern sale of the rest of the Innovate Group."
A Stobart spokeswoman says the firm decided to buy Innovate's chilled and ambient business after a week's due diligence.
Approximately 1,300 staff will transfer from Innovate under the TUPE rules.
"We think it's a good deal and we're working with administrators to ensure staff are transferred in the best way possible," adds the spokeswoman.
Yearsley Group MD, Harry Yearsley, says Innovate's frozen business will be rebranded in the coming months..
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