Rutges, one of Europe’s leading airfreight trucking companies with its main base at Amsterdam Airport Schiphol, is rebranding as Rutges Cargo Logistics & Warehousing. This move follows the company’s acquisition by Chinese-Dutch entrepreneur Jimmy Yeh.
Rutges made a loss of €1 million last year and was declared bankrupt on November 27. Its reported debts of around €2.6 million are understood to have scuppered a proposed management buyout.
Owned by Luxembourg-based Wallenborn, but run as a separate entity, Rutges suffered from loss of airfreight business. In fact, the company’s revenues have almost halved in the last year, falling from €30 million to €16 million.
Yeh, who already owns Netherlands-based trucking company Adema, plans to retain 48 of Rutges’ 82 employees, and part of the leased vehicle fleet. He said he aimed to pick up additional road feeder service traffic from UPS and KLM, and would exploit his contacts with a number of Asian carriers that serve Schiphol and other major European hubs.
Wallenborn acquired Rutges only in 2009 from the Wim Bosman warehousing and distribution group.