160 jobs saved as logistics firm Amco sold out of administration
All 160 jobs have been saved at a logistics company after its operations were sold out of administration.
Amco Services (International) Limited is a £25 million turnover business operating from sites in Telford, Redditch and Worcester.
Eddie Williams and Jon Roden of Grant Thornton UK LLP were appointed as joint administrators to Amco and have completed the deal with CBW Resources Ltd.
Amco, which has felt the impacts of the coronavirus pandemic, provides logistics and warehouse services across a wide range of industrial and commercial sectors including defence, automotive and consumer goods on a worldwide basis.
Mr Williams, advisory partner at Grant Thornton UK LLP said: “I am very pleased that we have been able to conclude a sale of the majority of the Amco operations to CBW with no redundancies of the workforce.
"The company has demonstrated historically that it is ideally placed to support its customers in the areas of complex logistics in both the UK and internationally.
"However, the company had been experiencing increasing cash and creditor pressure since early 2020 and was mid turnaround before the impact of Covid-19 caused significant further disruption to operations which has led to this position.
“The Grant Thornton team have worked tirelessly to achieve this sale on an accelerated basis under these difficult circumstances including rapid liaison and obtaining approval from licencing parties to allow the sale to complete.
“I would like to thank the management teams and all the stakeholders for their support and approach, and I wish CBW every success in the future.”