Smith & Williamson keep Suffolk haulier on the road
A long-established road haulage business in Suffolk has been sold out of administration by Smith & Williamson.
Greg Palfrey of Smith & Williamson said” That it is very unusual in a company of this size for someone to be prepared to risk so much to save a business”
The 91-year-old Bury St Edmonds haulier was hit hard by the recession having already reported pre-tax losses over four financial years.
Following the administration, the few owned assets and right to use the Leggetts name have been sold to Marmex Ltd trading as Leggetts Transport. Most of the company’s assets having been sold before the administrator’s involvement including the property, to finance continued trading.
Palfrey continued: “saving almost 70 jobs is good news given the severe difficulties the haulage industry is facing in the recession. Throughout the process of administration, our focus has been on finding a new owner who could take over and safeguard Leggetts Transport whilst maximising the return for creditors. Working with the purchaser we have been able to achieve this and greatly enhance recoveries from existing contracts. We are pleased with the outcome.”
Leggetts provides a range of logistics services including general and container haulage, container storage and distribution and total fleet management.
Before administration, the company had taken a series of steps to reduce costs including voluntary redundancies, pay cuts and the conversion of part of its Bury St Edmonds depot into a truck park.
Leggett's was able to continue trading while Mr Palfrey negotiated the sale following his appointment on 3rd July.
In a statement, Marmex Ltd thanked Smith & Williamson and said the new company was “intent upon delivering a very high level of wide ranging professional logistical services to support a variety of industrial sectors.”
The statement said the immediate focus was to “continue to satisfy our existing customers, and use that as a platform to develop and grow the business so that the brand of Leggetts Transport is instantly recognised as being a top quality provider within its sector, and a good partner with everyone associated with it.”
For further information contact
Greg Palfrey, Director, Restructuring & Recovery Services
023 8082 7600
Press Office
Kate Harrison / Jess Koslow 020 7131 4228/ 4264
Note to editors
Smith & Williamson is an independent professional and financial services group employing over 1,500 people. The group is a leading provider of investment management, financial advisory and accountancy services to private clients, professional practices and mid-to-large corporates. The group operates from offices in London, Belfast, Birmingham, Bristol, Dublin, Glasgow, Guildford, Maidstone, Salisbury, Southampton, and Worcester.
Smith & Williamson Limited
Regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities. A member of Nexia International
Smith & Williamson Corporate Finance Limited
Authorised and regulated by the Financial Services Authority
A member of the London Stock Exchange
A member of M&A International
