Freight Lines buys failed company
Sunday April 7, 2013
The Waikato Times reports:
Trucking company Te Kauwhata Transport has been bought from receivership by Waikato's big Freight Lines group of companies, which says it will retain all 100-plus staff.
Te Kauwhata Transport went into receivership just over a week ago, and it is understood negotiations with Otorohanga-based Freight Lines were under way within 24 hours.
Freight Lines director Peter Barker said his company, which already employs more than 200 people, moved quickly to negotiate with receiver PwC because it did not want to lose Te Kauwhata Transport staff, who were key to the operation.
Freight Lines, which operates throughout the country, is owned by James Barker Family Trust interests, which also own Cook Strait shipping company Strait Shipping and livestock transport company Stock Lines.
James Barker, who is Peter Barker's father, was a co-founder of Otorohanga Transport, which celebrates its 50th anniversary this weekend.
A new company, Te Kauwhata Transport 2020, was formed this week to operate the Te Kauwhata acquisition, which operates 60 trucks in the Waikato-Bay of Plenty-Auckland triangle, and counts among its customers customers brewers Lion and DB and Plumbing World.
Peter Barker said Te Kauwhata Transport offered good synergies with Freight Lines and had an attractive customer base.
The staff at Te Kauwhata Transport had been "fantastic" during what had been a trying time for them, Barker said.
Holland Beckett partner John Mackay is the legal advisor to Freight Lines Ltd.