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Amtrak Express buys Nightspeed
Page 6
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Nightspeed Services has been taken over by Amtrak, saving 900 jobs.
Sally Nash reports on the latest acquisition in the parcels sector
PALL-EX IS downplaying the financial problems of its business partner Nightspeed Services,which went into administration before being snapped up by former suitor Amtrak Express Parcels Pall-Ex and Nightspeed formed a partnership in May, heralding the venture as a "one stop shop" parcels, mail and pallet distribution service.
A spokesman for Pall-Ex says the company "went into the part nership fully aware of the situation and confident that the partnership would work". He adds that although Nightspeed had experienced financial problems, the crux of the matter was that it still had the backing of its bank.
Nightspeed was taken into administration last week after experiencing financial difficulties Ernst & Young took control of the business, which was then sold to Amtrak.
Pall-Ex MD Hilary Sharp!essays: "This acquisition is positive news and will further strengthen the capabilities of our strategic alliance."
Nightspeed is also pleased that it is now part of a larger company.MD Ian Pickford says: "Over the past 22 years Nightspeed has provided cus tomers with the highest standards of national and international secure parcel deliveries With increasing competition in the overnight sector, it was becoming clear that a smaller business like Nightspeed would not survive on its own, but now we are part of a larger network we have a chance to flourish".
Some 900 jobs are thought to have been saved by Amtrak's takeover.JonathanSmith.Amtrak's chief executive, says there are unlikely to be any job losses Amtrak is understood to have had previous takeover talks with Nightspeed. Other ownership changes in the sector include UPS'S takeover of Lynx and DI-Intakeover of Securieor Omega Express