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Palletline Logistics (Midlands) seeks protection from creditors

  • 01 May 2012
  • By Chris Druce

Palletline Plc network member Palletline Logistics (Midlands) has applied for a company voluntary arrangement (CVA) in a bid to restructure its debts and buy it some breathing space from creditors.

The Birmingham haulier, which is licensed to run 10 vehicles and 10 trailers, is lead by MD and Palletline Plc network co-founder Bob Russett.

In a statement Palletline Plc says its member submitted proposals to the court to enter into a CVA on the 26 April.

Kevin Buchanan, MD of Palletline plc, says: “Being a member owned network Palletline plc does everything it can to support its members, which comprise 63 companies across the UK and Ireland, ensuring strong service performance despite challenging times.”

“Unfortunately, rising fuel costs and a tough local trading environment has forced one of our member companies to apply to the courts to enter a CVA. The arrangement will allow Palletline Logistics to continue operating, while meeting its obligations to customers and creditors alike.”

Palletline Plc was established as the first of the pallet networks in 1992 by Russett, Colin Sturgess, John Watt and Ken Hackling. The network founders went on to set up what is now Palletline Logistics (Midlands) in 1993.

Russett bought his co-founders out of the haulage business in 2006, having stepped down from his role as chairman at the Palletline Plc network in 2005.

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Article source: http://www.commercialmotor.com:80/latest-news/palletline-logistics-midlands-seeks-protection-from-creditors