Fletchers Freighters has gone into voluntary administration with McGrathNicol on Sunday with the business to be restructured and possibly sold in a trade sale.
Fletchers Freighters was founded by Syd Fletcher and his wife, Yvonne in 1948, growing the fleet to 80 linehaul prime movers and 135 trailers as well as a host of ancillary delivery vehicles, as well as depots in Adelaide, Melbourne, Sydney and Brisbane.
McGrathNicol were appointed as voluntary administrators of the company, with Sam Davies and Rob Kirman taking control of the operation and reviewing their operations and potential trade sale or restructuring opportunities.
Mr Davies said the McGrathNicol will operate Fletchers Freighters on a “business as normal” basis until a final decision is made on whether the company will be restructured or sold.
“We are working with Fletchers Freighters’ management and will keep all stakeholders fully updated throughout this process,” Mr Davies said.
The company currently turns over $40 million a year and has headquarters in Berri, servicing Berri Limited as one of the companies primary customers.
In commenting on placing Fletchers Freighters into voluntary administration managing director Barry Fletcher is hopeful jobs will not be lost.
“That’s why we’ve done voluntary administration so we can get some time with our creditors and try and do a restructure and that’s the whole idea trying to protect us and other people at the same time,” Mr Fletcher said.
“It’s not a case of doors are closing thank you very much.”