Mory Group - Arcole Industries
November - Mory Ducros, the French parcel delivery group, filed for bankruptcy, raising fears that its 5,000 staff and 2,000 sub-contractor personnel could lose their jobs.
A commercial court was expected to place the firm under administration before a rescue plan was drawn up to save the company from liquidation.
In a statement, its parent company, Arcole Industries, which specialised in assisting firms in financial difficulty, said Mory Ducros was operating in a parcel sector 'in crisis' and that its financial position had worsened since the start of the year.
Mory Ducros, was formed in 2011 out of the merger of Ducros Express, formerly DHL Express France, and Mory Team, both loss-making concerns at the time. The company was reported to have posted losses of €65m last year on a turnover of just over €670m and, in the first nine months of 2013, had lost around €60m.Arcole stated that court protection would provide scope for the re-organisation of Mory Ducros to take place, adding that industrial and financial partners had already expressed an interest in participating in it. However, Arcole has given no indication of what part of the current Mory Ducros business it considers to be viable. Although the company may be eligible for emergency loans of up to €380m under a state-funded 'economic resistance' scheme, staff unions have said that they are concerned about the loss of between 2,000 and 3,000 jobs.
Mory Group is under receivership and plans to receive bids from prospective candidates.
The company has attracted 10 acquisition offers for parts of its activities. None of the bids concerned all of the activities of Mory.The freight forwarding business has attracted Caravelle, SA and Butler Capital Corporation. The logistic activity has attracted SNCF GEODIS,Norbert Dentressangle SA, ID Logistics SA and LOGISTICS ORGANISATION GRIMONPREZ among others.
Based in France the Mory Group provides supply chain management, transport services internationally.
The holding group of the company is 80% owned by Bridgepoint Capital and Barclays Equity Partners and 20% by the management team. In recent years the company has diversifed into logistics which has grown rapidly.However the bulk of its revenue is drawn from domestic distribution of parcels. The company has a number of European partners in place which allows it to offer international parcels, pallet and part load services. The company is believed to be up for sale by its owners.