Purfleet-based Canute Group’s creditors stand to lose millions

Canute Group

PURFLEET-based Canute Haulage Group creditors stand to lose millions of pounds following the sale of the business earlier this month via a pre-pack administration reports MotorTranport.Com

A report by administrator FRP Advisory states that as of 18 May unsecured creditors face a deficit of £7m.

The administrator estimated that creditors could ultimately see a return of just 15p in the pound – although not until a liquidator is appointed – leaving them to shoulder an approximate £5.3m shortfall.

More than 900 businesses have registered as creditors.

The business was placed into administration on 11 May and sold on 12 May for £1.3m to Almtone after efforts to find a buyer failed. The move secured 841 jobs.

Almtone shares a common director with Canute in the form of Glenn Marshall. The other listed director, and sole shareholder of Almtone, is Michael Ventham.

The new business is continuing to trade under the Canute name.

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