Tuesday 1st July 2008
Stobart’s cool head for business
Stobart Group, a Warrington-based transport and logistics provider, has acquired Innovate Logistics’ chilled distribution operations from its administrator, BDO Stoy Hayward.
The deal is in line with the group’s growth strategy to increase its presence in the chilled market and will be funded from Stobart’s existing cash pool and new debt.
This latest acquisition is expected to generate turnover of some £100 million per annum and to be earnings enhancing in the first full year.
Under the terms of the acquisition, Stobart will take on a number of Innovate’s contracts, including a warehousing operation with Nestle.
Andrew Tinkler, chief executive of Stobart, said: “Our management team has a great track record of getting logistics operations to work efficiently and profitably. As we have done successfully in the past, we will apply our operating model to these contracts and integrate the operations fully into the Stobart Group.”
The new enlarged group will have more than 1,800 trucks, 3,200 trailers and will employ more than 5,300 people in 40 locations across the UK, Ireland and Europe.
The deal is set to save 1,300 jobs at the Nottingham business.
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