One of Australia’s largest trucking fleets has gone into receivership, leaving up to 1500 staff facing an uncertain future.
Scott’s Refrigerated Logistics, which counts Coles as one of its biggest clients, entered voluntary administration on Monday before KordaMentha was reportedly appointed as receivers soon after.
According to an email sent to all staff, an “orderly sales process” for Scott’s will commence immediately.
“We anticipate a high level of interest in this business and its assets, given its significance in the cold chain supply system in Australia,” said KordaMentha’s Scott Langdon.
“Right now, we are seeking support from all customers to give the business the best chance of being sold to a new long-term owner.”
Nicholas Capp, Scott’s CEO and managing director, told staff that the receivers will work with key customers to continue to support the business during the sale process.
“We will work closely with the receivers and managers to try and ensure we have a viable business going forward and we will do everything we can to protect your interests,” Capp told staff in an email sighted by Big Rigs.
“Management and the receivers and managers are committed to keep you updated as his process progresses.
“As we go through the sale process, we need to keep things simple and maintain our focus on executing well day in, day out.”
According to its website, Scott’s has more than 500 prime movers and 1000 trailers as part of its network, and its vehicles cover more than 500,000 kilometres daily.
Scott’s was acquired by private equity film Anchorage Capital Partners in June 2020 for about $75 million, according to the Australian Financial Review.
More to come.