South Australian transport company Fletchers’ Freighters has been put up for sale after collapsing into voluntary administration.
The business, which was started in 1948, was placed in administration 12 days ago after reportedly battling cashflow issues.
The administrators, Rob Kirman and Sam Davies from the Adelaide office of insolvency firm McGrathNicol, have continued to trade the business but are now seeking “urgent expressions of interest” from parties who might buy the company and its assets.
Fletchers’, which had annual revenue of about $40 million last year, employs around 180 people and operates depots in Adelaide, Melbourne, Sydney, Brisbane and at Berri in the South Australian Riverland, where the company is based.
On top of its 98 trucks and trailers, the company owns four commercial properties in South Australia and has a customer base covering the wine, fruit, beverages and agribusiness sectors.
Kirman was unavailable for comment prior to publication.
Late last month, Fletchers’ managing director Barry Fletcher told the ABC the decision to enter voluntary administration was taken so the company could “get some time with our creditors and try and do a restructure.”
“That’s the whole idea trying to protect us and other people at the same time. It’s not a case of doors are closing thank you very much.”
The administrators are seeking expressions of interest by April 19.
James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
