There’s been strong interest from buyers for Queensland regional trucking business Kurtz Transport after the business was placed in voluntary administration this month.
Administrators from Ernst & Young were appointed to manage the company on September 12, with Justin Walsh and Duncan Clubb acting as joint administrators of Kurtz Transport Pty Ltd and Kurtz Holdings Pty Ltd.
The business, which traces its origins back as far as 1922, has branches in a number of locations across Queensland and provides line-haul services to regional areas across the state, turning over approximately $20 million a year.
It is continuing to trade while under administration, while urgent expressions of interest in the business are sought. The administrators told SmartCompany the business has around 100 employees and other subcontractors that vary in number at different times throughout the year.
“Like many companies in the state, the company is exposed to oil and gas,” administrator Justin Walsh says.
“If you couple that with a fairly high cost base – it’s a fairly consistent theme in Queensland.”
The Kurtz fleet includes 16 prime movers, 25 rigid trucks and 63 trailers as well as a pre-existing network of clients and branches, which administrators pointed to as “highlights” of the purchase in an advertisement for the company’s assets in the Australian Financial Review last week.
Expressions of interest in the business are sought by 4:00pm Friday, September 23. Walsh says several potential buyers have already been in contact.
“There has been strong interest – it’s early days but there are a reasonable number of parties,” he says.
Prospective buyers will then be reviewed and contacted by administrators for further discussion.