Amtrak goes into administration again

I know there are a few same day courier companies who’ve been subcontracting to Amtrak who will have had their fingers burnt, yet again, on this one. A bit of homework could probably have avoided most serious losses.

Yes, Amtrak Express Parcels has gone bump for the second time in 20 months. This time it’s Netfold Ltd, the ‘white knight’ that bought the business from the administrators of Amtrak Express Parcels Limited in January 2007, that’s been put into administration.

This one caught me by surprise a bit – I predicted last summer that one of the parcel networks had less than a year to survive, but not Amtrak. As it turns out the two companies that I’d earmarked as possible contenders for the wooden spoon have both reported increasing turnover and profits, the one that I predicted would do great things this year seems to be in terminal decline and now Amtrak, acquired on presumably very good terms from the administrators, has gone into administration.

Alarm bells first started to ring in April when I noticed that Netfold Ltd had failed to file its accounts by the due date. It may seem slightly naïve of me but I’ve always held the belief that a company that doesn’t file its accounts by the due date is either suffering from incompetent management, Read More…

Posted under Courier Business

Posted by Alec at 4:29 pm, August 26, 2008

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