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Circle Express enters CVA

[ May 14, 2012   //   ]

Heathrow-based airfreight trucker Circle Express has entered into a , reports Motor Transport. The company has appointed turnaround specialist KSA Group to find ways of continuing the business while Circle repays debts over five years at a rate of 38.3 p per pound to unsecured creditors. According to MT, Circle blamed rising road fuel costs for its troubles. It had closed its Bristol and East Midlands depots and frozen wages and recruitment while its chief executive had injected £300,000 into the company. It was also affected by weather and the Icelandic Ash Cloud.

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