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Temperature-controlled specialist NFT Distribution is one of several firms that have been approached to purchase the assets of Innovate Logistics, which was put up for sale by its Icelandic parent company Eimskip, last week. A spokesman for NFT says: "We can confirm NFT has been approached for the chilled assets, as have others, which we are considering, as we are a major player in this sector."

MT has established that PricewaterhouseCoopers has been appointed to handle the sale of the  chilled distribution specialist, with sources claiming that the sale could take place within a fortnight. Eimskip will write-off Innovate's current book of £58.7m in its second quarter. It initially invested in Innovate in 2006 with a 55% stake, taking a 100% share in 2007. The firm cites increasing losses at the Nottinghamshire-based firm as the reason for the sale.

A statement from Eimskip says: "The board believes that the assumptions made when Innovate was purchased have significantly changed and has decided to perform a detailed analysis on these assumptions and the investment process." Mark O'Bornick, director at analyst firm Analytiqa, adds: "Eimskip's decision to dispose of Innovate was driven by tough market conditions and the failure of Innovate to utilise warehouse and transport assets sufficiently.

"The move does not come as a surprise and leaves the way open for a number of operators to pursue their interest, in addition to the possibility of a management buyout."  He adds: "A key priority for Innovate will be to ensure minimal impact on its customer base, which is likely to prove very attractive in a consolidating market where gaining share outside of acquisitions is notoriously difficult." No-one at Innovate or Eimskip was available for further comment as MT went to press.

Companies House records show that Innovate CEO Mike Young, and directors Stephen Savage and Stephen Dargavel, ceased to be directors at the end of May. Former CEO Pete Osborne stepped down in March due to "ill health" (MT 27 March).