Jobs in the balance at freight company

Hundreds of jobs have been left hanging in the balance after an international parcel freight company based in the Black Country was forced into administration by the credit crunch.

Netfold, which trades as Amtrak and specialises in parcel freight, has its headquarters in Northgate Way and employs 900 people across the country. Workers arriving at its Aldridge base today were ushered into a meeting with bosses where they were set to hear the news.

But security staff turned away a courier van waiting to take deliveries to East Midlands airport as well as a Parcelforce van.

Joint administrators from Ernst & Young have been appointed by the directors over the Bank Holiday weekend.

Ernst & Young spokesman Adam Holden said: "Amtrak has found trading in the current economic climate challenging. It is a business led by consumer demand and as consumer spending power has weakened Amtrak's business has suffered.

"We are currently assessing the financial situation of the business, and as a result the collection and delivery of goods may be disrupted."

Staff did not want to comment as they arrived at work around 9am.

The company was launched in 1987 and set up base in the West Midlands because of the region's position of the national transport network.

It had built up a nationwide network of depots and had more than 1,000 delivery vehicles operated by staff and franchised drivers.

It operates two distribution hubs in Aldridge and Warrington together with 36 distribution depots across the UK.

Its website tells how extensive investment has been made in technology and transport systems at the company's main sorting and distribution centre in Aldridge.

The firm operates an international service including a next-day service to Manhattan and over 40 European towns and cities.