Troubled delivery and logistics firm Aspray Transport has confirmed that it has been unsuccessful in finding a solution to its recent poor trading performance.
Aspray has played a big role in the fastener industry over the years as one of the major logistics and delivery firms for the sector.
The firm confirmed that Aspray Logistics and Aspray International are unaffected by the situation currently facing Aspray Transport.
The Willenhall-based business was acquired by Bushell Investment Group earlier this year. Weeks later, the new owners initiated a Company Voluntary Arrangement (CVA).
Rising fuel prices, uncertainty and market conditions contributed to the firm's difficulties.
Here's the full statement from Aspray:
“Unfortunately, Aspray Transport has been experiencing trading difficulties for some time, due to a number of factors including rising fuel prices, adverse market conditions and the uncertainty linked to Brexit.
"To combat these issues, we initiated a CVA process, which was approved by the Company’s creditors in April. However, due to the continued market decline it has become apparent that this will be insufficient in addressing the Company’s poor trading performance.
"With these issues in mind, we have been working tirelessly to find a solution for the Company, including seeking additional investment and speaking to potential purchasers. Regrettably, these have not been successful. We understand that this will be of concern to Aspray Transport employees and customers. We have informed them about the situation and will continue to keep them updated and supported on developments.
"Aspray Transport is the next day delivery arm of Aspray Group. It has 192 employees at its headquarters in Willenhall in the West Midlands, and a total of 449 employees across the UK. The full list of these can be found here: https://www.aspray24.com/depots.html
"Aspray Logistics and Aspray International employees and customers, which represent the warehousing and logistics side of the business, are not affected and we would like to reassure them of our ongoing commitment.”
