Receivers appointed for Gregorys

One of Australia's largest privately owned transport companies has been placed into the hands of receivers

Gregorys Transport, one of the country's largest private transport businesses with a fleet of around 300 trucks, recently went into receivership.

Established in 1982 and owned by Greg Westaway, former President of the St Kilda Football Club, the firm was recently placed under the control of corporate recovery specialist, Ferrier Hodgson.

The Gregorys website states it has over 400 drivers and sub-contractors, with outlets in Melbourne, Sydney, Brisbane and Perth.

The business has offered services in transport and logistics, cargo handling, quarantine inspection and fumigation, and bonded warehousing.

Mr Brendan Richards of Ferrier Hodgson, who has been appointed Receiver, says his appointment is limited to recovering certain fleet assets and does not extend to managing the company.

"My role is to simply ensure the best financial outcome possible for my clients, who have been put in a very difficult position," he said in a press statement.

"I will be looking to locate buyers for the assets as soon as possible and we will be investigating both private placement and auction to achieve a swift outcome."

A report in Victorian newspaper The Age states that the company has lost control of up to 160 trucks, among other assets, while its creditors include employees, fuel suppliers, banks, and the ATO.

Mr Richards said the business should have sought advice long before its financial difficulties became insurmountable.

"As a logistics specialist I know that many of these business failures are completely avoidable," he said.

"As soon as it becomes evident that a business is in trouble the most important asset is time. Businesses that recognise they are in trouble early and work aggressively to combat their problems can often be saved. When they don’t, failure is the inevitable result."

Receivers appointed for Gregorys

Tags