Wed, 23 Sep 2020 | ADMINISTRATION
Commercial trailer manufacturer and rentals firm Cartwright Group has gone into administration, but its fleet services, rental and finance operations have been acquired by Zenith. The privately-owned Cartwright Group in based in Altrincham and has depots in Leeds, Glasgow and Aldridge. Michael Magnay and Dan Smith from Deloitte’s restructuring division have been appointed as joint administrators.
The joint administrators have concluded the sale of Cartwright Fleet Services and Cartwright Rentals to Contract Vehicles, the commercial vehicles division of Leeds-headquartered Zenith. The acquisition has saved 259 jobs and will create a fleet of more than 50,000 vehicles, along with one of the UK’s largest trailer rental fleets.
Cartwright’s former servicing facilities will be combined with Zenith’s specialist repair agent network, which operates in-house and in workshops across the UK. Its mobile technician fleet will also grow to 60, providing nationwide coverage.
However, coachbuilding division S Cartwright & Sons and Cartwright Fabrications fall outside of the sale, leading to around 480 redundancies. The group has been severely impacted by the COVID-19 pandemic, with the related lockdown resulting in its manufacturing site closing for several months.
Michael Magnay said: "While we are pleased that a total closure of the group has been avoided, we regret that today's announcement includes a number of redundancies. Our thanks go out to all the employees at what we appreciate is a difficult time, and we are providing support to those affected."
Martin Jenkins Chief Executive of the HGV and specialist vehicles division and Group Strategy Director at Zenith, commented: "We are backing a talented management team and people across the three Cartwright businesses we have acquired, and we look forward to working with their customers, employees and suppliers alike.”
"The businesses have a good reputation in their sector and are a great fit with the customer-first culture at Zenith. Bringing these operations together is an important step in our strategic growth plans and supports our position as the leading provider of fleet services across all asset types in the UK."
Zenith Chief Executive Tim Buchan, meanwhile, added: “We are continuing to strengthen our ability to provide a one-stop solution for our customers fleet requirements. The acquisition enhances our customer proposition and enables us to provide additional services for truck, trailer, van and car.”
“The trailer rental market is critical to supporting peak periods of demand for supermarkets, home delivery and logistics companies, all of which are growing markets.”
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