An investment firm has been tasked with finding a new owner for national cold chain company, Scott’s Refrigerated Logistics, following a voluntary administration call.
Earlier today, Australian Financial Review said investment firm, KordaMentha, was appointed receiver and manager of Scott’s Refrigerated Logistics.
The iconic road transport operator and warehouse specialist, based in New South Wales, has been in operation for more than 70 years.
Scott Langdon, a Partner at KordaMentha, is reported to be looking for a new owner for the business in the near-term.
This development impacts 1,500 staff and other contractors. It has already seen supermarket chain, Coles, reportedly help cover the cost of driver salaries to keep temperature-sensitive goods on the move in the meantime.
The transport and logistics business was in the process of modernising its fleet in a bid to reduce refrigerant and engine-based carbon emissions by fitting new trailer refrigeration units that improve fuel consumption by up to 30 per cent.
In recent years, Scott’s Refrigerated Logistics has also provided transport and storage services for Foodbank Australia’s food and grocery relief efforts which was especially crucial at the height of the Covid-19 pandemic when demand for food relief was up 47 per cent on average since the pandemic started.
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