Management buys rest of Wettenhalls: receiver
Group loses Express and Warrnambool arms but remainder of company finds a purchaser
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Management buys rest of Wettenhalls: receiver
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Wettenhalls Group management has bought the remainder of the transport and logistics firm, receiver Ferrier Hodgson confirms.
Transport Workers Union (TWU) National Secretary Tony Sheldon
flagged the possibility in an ATN report on the company
yesterday.
The receiver says the sale preserves about 200 permanent jobs and puts Wettenhalls back into the market as a viable business with certainty of employment for employees.
"Within hours of our appointment we had spoken to every major player in the road transport sector to gauge their level of interest, and it is fair to say the interest was significant," Wettenhalls co-receiver and Ferrier Hodgson Partner Brendan Richards says.
"It was clear there was a future for this business if we could bring together the new management team with a restructure and a buyer within a short timeframe."
"By closing the Express business and selling the Warrnambool business we have been able to restructure the Wettenhalls operation and as a consequence we are left with a stronger business that has the potential to generate value."
"The new management team had a clear vision of how this business could succeed and worked with us to deliver this excellent result."
The Wettenhalls Group was placed in receivership on January 25, when Richards and Ferrier Hodgson Partner George Georges were appointed receivers and managers of the business.
ATN is awaiting a
response from the company.
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