Mannway falls in downturn: broke and on sale


<font color=red><b>BREAKING NEWS:</b></font> Mannway declared broke and on the market as biggest carrier to fall from the economic downturn

Mannway falls in downturn: broke and on sale
Mannway falls in downturn: broke and for sale
October 14, 2009

The economic downturn has claimed its biggest transport victim, with logistics giant Mannway declared broke and on the market.

A short statement from insolvency firm Ferrier Hodgson says it has been appointed as receivers and managers of the business.

Partner George Georges says the company fell victim to the "extraordinarily difficult economic conditions" in the transport sector.

"But in the hands of another transport operator [Mannway] will represent excellent value," Georges says.

The firm will attempt to trade the business as usual "with a view to restructuring ahead of a trade sale".

An "urgent review" will begin into the company's operations.

The Melbourne-based company, headed by CEO Stuart Brown (pictured), is one of the top few privately-owned transport and warehousing providers in Australia.

It recently ranked eighth on a list of the country's top transporters based on the number of vehicles employed.

Mannway runs some 600 vehicles and manages 10 warehousing sites in New South Wales, Victoria and Queensland with more than 100,000 square metres of customer storage.

More than 300 staff are employed by the operator.

Ferrier Hodgson describes Mannway as operating an "extensive, modern fleet of specialised equipment".

"Mannway is a long-established, well-known transport business with an impressive number of bluechip customers," Georges says.

"It has been a victim of the extraordinarily difficult economic conditions facing the transport industry at present."

READ MORE: The full story on the Mannway collapse, the creditors demanding money and the future for the company online tomorrow at Fullyloaded.com.au.

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