Amtrak Express Parcels Receivership Update
Joint Administrators from Ernst & Young LLP were appointed by the directors of Netfold Limited on Friday 22 August 2008.
Netfold Limited trading as Amtrak, specialises in national and international parcel freight. The business is head quartered in Aldridge, West Midlands, and operates two distribution hubs in Aldridge and Warrington together with 36 distribution depots across the UK, employing over 900 people.
One of the Joint Administrators from Ernst & Young commented, “Amtrak has found trading in the current economic climate challenging. It is a business led by consumer demand and as consumer spending power has weakened Amtrak’s business has suffered.
Further to this an announcement on Amtraks website states that Business Post – UK Mail are offering to take on Amtrak’s customers work on their current terms.
This time it is highly unlikely that anyone will buy-out/save the company.
On Friday evening (22nd August) all staff were contacted to be told that they no longer had jobs until further notice. They employed nearly 1,000 workers with countless other self-employed workers in driving positions.
It is unknown whether workers will receive their last due pay. Self-employed drivers are highly unlikely to receive the money due to them.
Joint Administrators from Ernst & Young LLP were appointed by the directors of Netfold Limited on Friday 22 August 2008.
Netfold Limited trading as Amtrak, specialises in national and international parcel freight. The business is head quartered in Aldridge, West Midlands, and operates two distribution hubs in Aldridge and Warrington together with 36 distribution depots across the UK, employing over 900 people.
One of the Joint Administrators from Ernst & Young commented, “Amtrak has found trading in the current economic climate challenging. It is a business led by consumer demand and as consumer spending power has weakened Amtrak’s business has suffered.
“We are currently assessing the financial situation of the business, and as a result the collection and delivery of goods may be disrupted”.
Further to this an announcement on Amtraks website states that Business Post – UK Mail are offering to take on Amtrak’s customers work on their current terms.
This time it is highly unlikely that anyone will buy-out/save the company.
On Friday evening (22nd August) all staff were contacted to be told that they no longer had jobs until further notice. They employed nearly 1,000 workers with countless other self-employed workers in driving positions.
It is unknown whether workers will receive their last due pay. Self-employed drivers are highly unlikely to receive the money due to them.
