Bulmers Transport, the firm created to take over the assets of collapsed firm Bulmers Logistics (MT 29 January), paid just £1 for its "trade and assets" according to documents seen by Motor Transport.
The figure is revealed in a letter from Deloitte, the administrator of Bulmers Logistics, to the firm's creditors, which also shows that the new company, set up by Johnathan Bulmer and his fellow directors, was the only offer on the table.
It had tried to sell the company since mid-2008, but of the 17 companies approached by Deloitte, it notes that: "no parties (other than management) chose to make an offer for the business."
As support from its backers dried up, Deloitte says that the pre-pack deal was the best option for creditors.
Director Johnathan Bulmer says: "I want to draw a line under further discussions about Bulmers Logistics.
"We are now focusing on Bulmers Transport and the future."
As he pointed out in last week's interview (MT 5 March), Bulmers Transport took on substantial financial commitments, including truck leases, employee salaries and redundancy payouts as a result of the pre-pack agreement.