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Logistics company Canute Group has completed an insolvent restructure after assets were sold to a newco under common control, according to trade journal Motor Transport.

 

Almtone Limited, whose director Glenn Marshall is also on the board of various Canute Group companies, has acquired selected assets in a transaction that reportedly saves 800 jobs.


Statutory filings show Canute UK Limited and Canute Haulage Group Limited were placed into administration May 11 through turnaround company FRP Advisory.


The latest accounts for Canute UK — consolidated group figures for the year to end July 2016 — show it recorded an £812,000 net loss on revenue of £106 million, with directors saying the company had been lumbered with a £1 million bad debt after a customer completed a prepack administration deal.

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