Around 2,000 jobs have been secured at a Derbyshire distribution company was bought out of administration.
NFT Distribution Operations, based at Alfreton, completed the deal with EV Cargo Logistics immediately following the appointment of administrators PwC.
Operating primarily in the chilled food logistics market, NFT has warehouse and depots across the country, providing storage and transport solutions to its customers.
According to PwC, the majority of the firm’s business and assets have been sold to EV Cargo Logistics, safeguarding 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 (mergers and acquisitions) partner, said: “The sale of the majority of the business to EV Cargo Logistics puts the ongoing business on a stronger financial footing.
“It also safeguards around 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 EV Cargo Logistics very best wishes with its future trading.”
Peter Dickens, PwC deals partner, said: “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.”
