Trio buy-in to haulage company
HAULAGE and warehousing company Harwich (Express) Freight Services Ltd has been acquired for an undisclosed by a management buy-in team. Harwich Express Freight was set-up in 1968 and has annual turnover of nearly £4million, with an established customer base including a number of large shipping companies operating from the port of Harwich.
HAULAGE and warehousing company Harwich (Express) Freight Services Ltd has been acquired for an undisclosed by a management buy-in team.
Harwich Express Freight was set-up in 1968 and has annual turnover of nearly £4million, with an established customer base including a number of large shipping companies operating from the port of Harwich.
The new management includes Dan Ashford and Dale Coote, directors and owners of Ipswich-based haulage firm Synergie Worldwide Logistics Ltd, and Mike Sharpe, who has a range of business interests and brings financial skills to the team.
The team, which was advised on the deal by Scrutton Bland Corporate Finance LLP, have advised the management team, now plan to build on the company well-established reputation to develop and expand the business.
Andy Higginson, who headed the team from Scrutton Bland acting as lead adviser commented, “We were delighted to assist the management buy-in yeam to achieve a successful transaction.
“All parties took a commercial and sensible view in the negotiations and the deal funding which was arranged should also facilitate the company's development plans.”
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Scrutton Bland are retained as the accountants to the company and James McElhinney, partner, added “We look forward to an ongoing relationship with the MBI team and assisting the company to achieve its financial aims.”
Birketts Solicitors advised the MBI team on the legal aspects of the transaction, with the Birketts team headed by Geoff Hazlewood.
Neil Bomford, the vendor, was advised by accountant Derrick Sheppard and Clive Wandham-Smith of solicitors Kester Cunningham John.