STAFF at Bulwell haulage company Clearway Distribution are breathing sighs of relief this week after a last-minute rescue package.
The crisit-hit company was saved when bought out of administration by its management.
Fifty-five jobs were saved as restructuring specialist FRP Advisory secured the sale to B2B Logistics after the business went into administration on January 5 because of “an unmanageable cashflow”.
FRP said Clearway, situated on Firth Way and established for more than 30 years, suffered trading difficulties and bad debts over a period of years.
The company entered into a corporate voluntary arrangement which failed in November last year.
Administrator Chris Stirland said: “Despite having a strong client-base and a good pipeline of work, Clearway, like many haulage companies, found its profit being squeezed by high fuel costs.
“The loss of some key customers meant its site was too large and expensive to enable a successful trading business, with the reduced level of turnover, to operate from that location.”