Wednesday, May 22, 2024

Thousands of jobs safeguarded at NFT but uncertainty continues over Tilbury arm

Screenshot 2020-02-07 at 16.08.27

ABOUT 2,000 jobs have been safeguarded after the majority of the business and assets of a Derbyshire distribution company were bought out of administration.

NFT Distribution Operations Ltd, which is based in Alfreton, operates primarily in the chilled food logistics market and has completed the deal with EV Cargo Logistics Ltd immediately following the appointment of administrators PwC.

NFT has warehouses and depots in locations throughout the UK, providing both storage and transport options to its customers through its 2,231 workforce.

On 31 January 2020, the majority of the company’s business and assets were sold to EV Cargo Logistics which safeguarded 1,980 jobs.

The sale did not include the operations at NFT’s site in Tilbury which is continuing to trade with the ongoing support of key customers while all parties explore potential options.

Rob Moran, PwC restructuring M&A partner, said: “The sale of the majority of the business to EV Cargo Logistics Ltd puts the ongoing business on a stronger financial footing.

“It also safeguards c.2,000 jobs and is a positive outcome for the continuing business.

“We are pleased to have supported NFT in this M&A transaction and wish EVCL very best wishes with its future trading.”

Peter Dickens, PwC deals partner, added: “I would like to personally thank the NFT team for their tireless hard work in securing the future of the business and so many of their colleagues’ employment, after a period of challenging trading conditions.

“It is with regret that we have had to make a small number of redundancies and we are providing support to those impacted by this.”


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