Anchorage Capital Partners-backed Scott’s Refrigerated Logistics is understood have called in restructuring specialists McGrathNicol.
Anchorage Capital Partners-owned Scott’s Refrigerated Logistics has hit the skids, as COVID-19 and flooding cause its turnaround plans to crash.
The Sydney PE investor, which bought the business from car dealership group Eagers, appointed McGrathNicol as voluntary administrators on Monday after a tense week which included major client Coles stepping in to help pay driver salaries. Scott’s is a big fish in refrigerated logistics and employs about 1500 staff and other contractors.
The near-term plan will see KordaMentha’s Scott Langdon try to find a new owner. The business is expected to attract a look from Scott’s supermarket clients like Coles, other trucking businesses like Lindsay Australia and even logistics players Toll Group and Qube.Scott’s is the country’s biggest integrated cold-storage logistics group and a critical cog in the grocery supply chain. Its clients include supermarket giants Coles, IGA and ALDI, and it has a big chunk of the $1.
Despite the big revenue numbers, it made a $7.3 million loss for the period, as employee and subcontractor expenses and vehicle operating expenses cut into the bottom line. Its total assets at the time were $436 million against $408 million in liabilities.
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