The receivers of the Wettenhalls Group confirmed on Wednesday that they have sold the Wettenhalls business in a management buy-out.
The sale preserves about 200 permanent jobs and puts Wettenhalls back into the market as a viable business with certainty of employment for employees.
“Within hours of our appointment we had spoken to every major player in the road transport sector to gauge their level of interest, and it is fair to say the interest was significant,” said Wettenhalls receiver and Ferrier Hodgson partner Brendan Richards. “It was clear there was a future for this business if we could bring together the new management team with a restructure and a buyer within a short time frame.”
“By closing the Express business and selling the Warrnambool business we have been able to restructure the Wettenhalls operation and as a consequence we are left with a stronger business that has the potential to generate value.”
“The new management team had a clear vision of how this business could succeed and worked with us to deliver this excellent result,” Mr Richards said.
The receivers of the Wettenhalls Group confirmed on Friday that they have sold the Wettenhalls Warrnambool business and assets to Westvic Container Export Services.
The sale ensures continuity of supply for several key Warrnambool businesses that are major employers in Victoria’s southwest.
Wettenhalls receiver, Ferrier Hodgson partner Brendan Richards, said the sale was important for Warrnambool businesses.
“Following the collapse of Wettenhalls last week, the Warrnambool office had been earmarked for closure,” Mr Richards said. “But by working with key customers and stakeholders we were able to organise the orderly transfer of assets and business to the new owner, Westvic Container Export Services. The sale ensures the future of supply and minimises disruption to key industries in Warrnambool.”
The Wettenhalls Group was placed in receivership on Friday January 25, when Mr Richards and Ferrier Hodgson partner George Georges were appointed receivers and managers of the business. (702)
