C&H (Hauliers) bought by CM Downton saving 180 jobs
A haulage firm which transports huge paper reels for the newspaper industry has been bought out of administration, saving 180 jobs.
C&H (Hauliers), which has depots in Essex, Norfolk, Suffolk, Kent and Oxfordshire, has been sold to logistics group CM Downton.
Downton will take over C&H's 130 tractor units and 250 trailers.
C&H's parent company Charles Gee called in administrators last week due to "acute cashflow pressures".
Administrators FRP Advisory said this followed a deterioration in trading.
FRP warned there are likely to be redundancies among Charles Gee's 70 remaining staff, who are based across the country and serve large UK and European firms.
The administrators said they were trying to find buyers for the rest of the group, but "overall trading conditions for logistics firms remain challenging".
FRP said C&H, which was founded in east London in 1960, continued as a going concern during the administration.
It has depots in Tilbury, Chatham, Aylesford, Didcot, King's Lynn and Felixstowe.
Joint administrator Phil Armstrong said: "We are delighted to have found a new home in CM Downton for the business of C&H, its staff and its array of loyal customers."
Gloucestershire-based Downton currently has 500 tractor units and 1,600 trailers based at 10 distribution hubs across the UK, employing almost 1,000 staff and supplying groups including John Lewis and Sainsbury's.