ONE of the largest privately owned transport companies in Australia, Gregory's Transport has been forced to sell off its fleet after receivers Ferrier Hodgson moved in.
The Corporate recovery specialist firm Ferrier Hodgson was appointed Receivers of the fixed assets of Gregorys Transport Pty Ltd and its related entity, Transport and Asset Management Pty Ltd on November 14, 2014.
Gregorys was established in 1982 and has branches in Melbourne, Sydney, Brisbane and Perth.
Its services include transport, logistics, cargo handling, quarantine inspection, fumigation and bonded warehousing.
Brendan Richards of Ferrier Hodgson was appointed receiver and has assumed responsibility for the fixed assets of the Company.
The appointment is limited to recovering certain fleet assets, and does not extend to managing the company.
The immediate future of the business remains in the hands of the director, Greg Westaway, and his management team.
In a statement Ferrier Hodgson said enquires about the future of the business, its customers, employees and suppliers should be directed to Mr Westaway.
"My role is to simply ensure the best financial outcome possible for my clients who have been put in a very difficult position. I will be looking to locate buyers for the assets as soon as possible and we will be investigating both private placement and auction to achieve a swift outcome," said Mr Richards.
Mr Richards expressed his disappointment in seeing another Australian transport business fail.
"As a logistics specialist I know that many of these business failures are completely avoidable. As soon as it becomes evident that a business is in trouble the most important asset is time. Businesses that recognise they are in trouble early and work aggressively to combat their problems can often be saved. When they don't, failure is the inevitable result."
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