Private-equity owned Scott’s Refrigerated Logistics called in administrators on Monday. The business had long been struggling, accounts show.
Directors of the collapsed chilled-goods trucking outfit Scott’s Refrigerated Logistics feared the possibility of going broke last year after problems ranging from an IT upgrade to COVID-19 and floods hurt the transport business.
Anchorage had received almost $420,000 in “monitoring and management” fees from Scott’s in the 16 months to June 2021, the accounts show. Sources with knowledge of the accounts said such fees were suspended before that financial year ended. All told, it indicates Anchorage’s equity and loan exposure at $136 million as of November. Anchorage declined to comment on its final exposure.
These were “challenging trading conditions due to operational and demand disruptions”. These included the omicron and delta strain outbreaks of the pandemic, an upgrade to its transport management system that sparked an “adverse effect on operations for eight weeks” and bad weather, the accounts said.
It said being able to continue as a going concern was based on operational and funding solutions being “achieved and that the realisation of assets and settlement of liabilities will occur in the normal course of business”.
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