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Palletline Logistics saved by CVA

24th May 2012, Page 7
24th May 2012
Page 7
Page 7, 24th May 2012 — Palletline Logistics saved by CVA
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CREDITORS OF Palletline Logistics (Midlands) have voted in favour of the company voluntary arrangement (CVA) applied for by the haulier last month.

Palletline Logistics (Midlands) MD Bob Russet, says: “We are trading profitability and intend to keep doing so.” The Birmingham haulier’s cashflow problems stemmed from errors by Palletline Logistics (Midlands) in reporting its operating figures to its lender.

The CVA, handled by RSM Tenon Recovery, will see the haulier make repayments over five years.

The business will remain as a Palletline Plc pallet-network member.

However, Palletline Logistics (Midlands) is a separate legal entity under separate ownership and not a division of Palletline Plc.