Old Trucks Worry Investors As Cootes Cancels Its IPO

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The petrol tanker involved in the crash that killed two people on Sydney’s Northern Beaches this month is suspected to have been almost too old for safe use.

The Sydney Morning Herald has reported that information released to investors reveals the average age of Cootes’ tankers to be 11.7 years, with 15-20 years marking the end of their life span.

Cootes’ prime movers were also reported to be an average of 7.5 years old, maxing out at up to 12.

Founder Ian Cootes, who sold the company 13 years ago, said in the past prime movers weren’t kept beyond five years- with the fleet now far exceeding that figure.

425 of the 695 Cootes vehicles have been issued with defect notices since the crashed with 221 classed as “major” and another 89 have been grounded according to the SMH.

Owners of the fleet, McAleese Transport, had planned to float the company prior the fatal Mona Vale accident but has since postponed the listing.

Read more here.

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