Saturday, October 17, 2009

Suffolk Based LM Logistics Seek Protection From Creditors

Part of Warehouse and Transport Group Request Absolution From Debts
Shipping News Feature

SUFFOLK – UK – LM Logistics Ltd., part of the Felixstowe based LM Logistics Freight Group is seeking assistance from its creditors after failing to obtain investment to cover its debts. The company is currently unwilling to reveal how much is on offer to its outstanding debtors should they choose to accept the Company Voluntary Arrangement, without which the company is liable to enter administration.

Formerly part of the Lehnkering GmbH Group of companies, headquartered in Duisburg, Germany, the company was bought by the U. K. Management towards the end of 2004. LM went on to move from its Martlesham base into Felixstowe in 2006.The group acquired Syntex Logistics, a container haulage specialist, in 2006. Syntex customers and traffic are apparently not affected by its sister company’s troubles. The company website also shows the acquisition of Verbrugge (UK) Ltd in 2008 plus a facility in Bradford (the company website still shows LM as Lehnkering Bradford) but nobody was available for comment regarding further details regarding the structure of the organisation.

LM Logistics reportedly employs over 140 people and owns approximately 30 vehicles. The company claim warehousing facilities in excess of 300,000 square feet. Control of the company will pass from the current directors should the voluntary agreement be made to work.