You are in: > Hot Topics > Operators
You are in: > Hot Topics > Operators
Nottingham-based temperature-controlled cargo firm Innovate Logistics went into administration earlier this year.
Here we track the firm's last few months and the fallout from its collapse, starting with the most recent developments.
Administrators are trying to establish whether action should be brought against Innovate's former directors after estimating a massive £54 shortfall across the group.
The statement of affairs supplied by former Innovate Group directors to administrators revealed that the group owed its parent company, the Icelandic shipping group Eimskip, around £20m.
Creditors of Innovate Corby Chilled Distribution are expected to receive just 8p in the pound.
It emerges that Innovate Logistics has gone into administration; Stobart Group buys its chilled and ambient business for an undisclosed sum, while Harry Yearsley buys the frozen unit.
A spokesman for temperature-controlled specialist NFT confirms that it is one of several firms that have been approached to purchase the assets of Innovate Logistics.
Innovate Logistics is put up for sale by parent company Eimskip. The Icelandic shipping and logistics group blames losses to the tune of €74.1m (£58.9m) at Innovate, as well as tough trading conditions in the UK, for the decision.
Innovate Logistics appoints a new managing director, Tony Evans, who does not come from a logistics background.
Innovate Logistics says it is consulting its lawyers with a view to starting legal action after a series of rumours regarding financial problems at the company sweep the CV Show.
Pete Osborne, a founder of Innovate Logistics, explains his surprise decision to exit the business and parent company Eimskip.
Eimskip acquires the remaining 45% of Innovate Holdings, giving it a 100% share.
Innovate Logistics posts a pre-tax loss of £1.5m in the year to March 2006 (up from £515,464 in 2005). Director Stephen Savage insists the group as a whole is performing well.
Innovate Logistics' owner Pete Osborne denies he has lost overall control of his business after Eimskip buys up a 55% equity stake in Innovate Holdings.
Back to the top
Reed Business Information Limited.©2008
