The majority of the business and assets of NFT Distribution Operations Limited have been sold after the firm entered administration in January, saving 1,980 jobs.
Headquartered in Alfreton, Derbyshire, NFT has warehouses and depots in key 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 Limited immediately following the appointment of administrators. This has safeguarded 1,980 jobs and ensured a seamless transition of the business and services for its associated customers.
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 whilst all parties explore potential solutions.
Rob Moran, PwC Restructuring M&A Partner, said: “The sale of the majority of the business to EV Cargo Logistics Limited 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, 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.”