Removals firm Pickfords has new owners after the debt-ridden firm was sold off by its parent company, US firm Sirva. The deal, for an undisclosed sum, sees Pickfords’ UK and Irish business transfer to rival Team Group for what is believed to be a nominal fee in exchange for taking on its substantial debts.
Team has acquired Pickfords and Allied Pickfords’ international moving services business in the UK. The deal adds to Pickfords’ Scandinavian removals business which Team acquired in March 2007. Cees Zeevenhooven, Team Allied Group CEO, adds: “Pickfords has a great heritage and we look forward to growing the company.”
In its latest set of accounts its immediate parent company, Sirva Holdings, reported operating losses of £34.8m for the 63 weeks ending March 13, 2006 on a turnover of £139.8m. The firm’s ultimate parent company, Sirva Inc, is currently in Chapter 11 bankruptcy in the US.
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