Amtrak Express Parcels has been sold to a formerly unknown company, Netfold, in yet another change of ownership in the fast-moving parcels industry. Reports that Amtrak Express was going into administration were rife last week, and were confirmed at 3.36am on January 13. Just 25 minutes later Netfold bought the business.
Gerry Ruffell, director of the new company, says Netfold is an entity bought off the shelf to allow the purchase. The business will trade as Amtrak. "We will probably change the name to something more suitable in the long-term," he says. His team of directors includes Ron Series, formerly of Tuffnells Parcels, Alan Jones, Tom Naylor and David Bardsley.
All staff and assets have been transferred to the new owners. Amtrak Express had 80 depots, of which half were franchise businesses. The franchises were not bought by Netfold and will continue to trade as they did with Amtrak Express.
"As far as we're concerned it's business as usual," Ruffell tells Motor Transport. "We will look at the business and look at improving efficiencies and profitability and so on. The message from our point of view is a positive one."
Administrators KPMG called Amtrak Express' move "a technicality", saying that the company went into administration "as a mechanism for the new buyer to take over". Amtrak Express had suffered financial difficulties and had been looking for a buyer in recent months, KPMG says.
Ruffell says the new owners had been in discussion with Amtrak Express, adding "there were a number of interested parties – we weren't the only ones. They [Amtrak Express] were clearly looking at different options". He says Amtrak Express Parcels was attractive to its new owners because "it is a strong brand in the market and has a strong and interesting future going forward". Ruffell confirms that former Amtrak Express MD Jonathan Smith "will not be joining the new business".
Nothing has been disclosed on the position of Amtrak Express' trade creditors, but Ruffell tells MT that the company's franchisees were paid this week.
