Ownership of Amtrak changed hands at the end of last summer, but the company suffered financial difficulties during the autumn and early winter trading, and had been seeking a refinancing in recent weeks.

The deal represents a landmark for the company, bringing ownership back into the transport and logistics market for the first time since 1998. The new owner Netfold Ltd represents one of the industries most experienced management teams with a solid background in the express parcels, freight and logistics business sectors.

The sale was concluded by KMPG and the business will continue to trade under the Amtrak name. Following the acquisition the new owners have confirmed that it is business as usual and that all existing employee contracts have been transferred to the new company.

Amtrak has a turnover of £80m with nearly 1000 employees and a 2000-strong fleet of commercial vehicles. As well as a national operational centre in the West Midlands, the company has a regional hub in Warrington and an administration office in Bristol. There are 80 owned and franchised depots across the country.

The new company Chairman, Ron Series, and the Managing Director, Alan Jones, have considerable experience in the turnaround of businesses such as Seawheel Ltd and Tuffnells Parcels Express Ltd.

Ron Series said, “Despite uncertainties following the earlier sale by 3i last summer, Amtrak and its staff have continued to provide a high service level to its customers.

“Amtrak enjoyed busy trading during December, which should provide a good platform for the business in 2007.

“Alan Jones and I look forward to restoring the financial performance of the business to a level that will ensure a profitable and secure future for the business, its customers, suppliers and staff”.

The company had suffered financial difficulties following the collapse of Farepak one of Amtrak’s main customers that was exacerbated with poor retail trading during 2006.

“Amtrak’s move into the home delivery market in recent years is a strategy that will be progressed. It is after all driven by the demands of Amtrak’s customers who themselves want to gain a competitive edge in their respective markets” commented Managing Director Alan Jones.