Voluntary move offers ‘best possible chance’ for sale as a going concern
Brisbane-based transport group Keeforce Holdings has entered a voluntary administration.
Seven separate entities, each with the same owner, have been affected including Keeforce Linehaul, Keeforce Services, and Fresh Produce Logistics.
National consultancy Ferrier Hodgson has been appointed to handle the businesses, effective from today, with a view to selling them as complete and ongoing concerns.
It says each will continue to trade in the short term.
“[This is while] arrangements are made to protect the interests of the employees, suppliers, and creditors.”
Ferrier Hodgson describes Keeforce as one of Queensland’s largest express linehaul services, offering transport the length of the east coast and also to Darwin. Bundaberg-based Fresh Produce Logistics offers refrigerated freight and services including cold storage.
“The group was established in 2002 and [annual] turnover is approximately $75 million,” it advises.
Brendan Richards, head of Ferrier Hodgson’s logistics practice, says another business failure in the transport space was evidence of the competitive pressures trucking businesses are still facing around Australia.
“In making an early call to go in to voluntary administration the directors have provided the best possible chance of achieving a going concern sale,” he says.
“A timely response is critical to making the best of a bad situation.”
He says a resolution and potential sale are likely in the next two weeks. The first meeting of creditors has been scheduled for February 9 in Brisbane.