Scott's Refrigerated Logistics Goes Into Receivership With 1500 Jobs Under Threat
Up to 1500 employees of one of Australia's major trucking fleets now face an unclear future due to the receivership of the company. Coles is one of Scott's Refrigerated Logistics' largest clients, and the company entered voluntary administration on Monday. Shortly after, Korda Mentha was allegedly appointed as receivers. All employees were informed via email that Scott's will begin a "orderly sales procedure" right now. Given its importance to Australia's cold chain supply system, Scott Langdon of KordaMentha predicted a significant amount of interest in this company and its assets. To offer the company the best possibility of being sold to a new long-term owner, we are currently looking for assistance from all consumers. Scott's CEO and managing director, Nicholas Capp, informed colleagues that the Receivers will continue to help the company while the transaction is being processed by collaborating with important clients. Capp wrote to colleagues in an email seen by Big Rigs, "We will work closely with the receivers and management to try to guarantee we have a sustainable business moving future, and we will do everything we can to safeguard your interests." Management is dedicated to keeping you informed as his process develops, together with the receivers and managers. We must maintain a basic approach and concentrate on consistently doing well as we move through the sale process. On its website, Scott's claims that its network includes more than 500 prime movers and 1,000 trailers, and that its trucks have travelled more than 500,000 kilometres daily. According to the Australian Financial Review, private equity firm Anchorage Capital Partners purchased Scott's in June 2020 for roughly $75 million.
