Stobart buys-out Notts haulage firm
Last updated 12:03, Tuesday, 01 July 2008
Expanding haulage giants the Stobart Group added further to its fleet today
The company – headed by Carlisle-based entrepreneur Andrew Tinkler – announced the takeover of chilled transport firm Innovate Logistics from its administrators, BDO Stoy Hayward.
Executives predict the deal will generate turnover of about £100m-a-year.
All of Innovate’s jobs are expected to be secured through the takeover, which includes a warehousing contract food giants Nestle.
With the addition of Innovate’s 280 wagons and 350 trailers, the Stobart Group will have a 1,800-strong fleeet of trucks, 3,200 trailers and 5,300 employees in 40 locations across the UK and Ireland.
The takeover comes just months after the Stobart Group – formed last year through the merger of Eddie Stobart and the Westbury property fund – took over haulage rival the Irlam Group. It also bought Carlisle engineering firm WA Developments.
Chief executive Mr Tinkler said: “This is a low-risk way of increasing our presence in the chilled market, giving our customers more choice and flexibility.
“It is entirely in-line with our strategy of building the group.
“Our management team has a great track record of getting logistics operations to work efficiently and profitably.
“As we have done very successfully in the past, we will apply our operating model to these contracts and integrate the operations fully into the Stobart Group.
“We are committed to safe-guarding the jobs of 1,300 people who may otherwise have been unemployed and we look forward to welcoming them.”
The Innovate Operations have minimal accounting book value and any working capital funding requirements for this transaction will be met from existing resources and new bank facilities, Stobart’s said.
