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NFC gets tank storage FOR £880,000 the National Freight Corporation

19th September 1975
Page 22
Page 22, 19th September 1975 — NFC gets tank storage FOR £880,000 the National Freight Corporation
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has bought an 80 per cent interest in Felixstowe Tank Developments Ltd, a tank farm operator. The diversification into tank storage is part of the NFC's policy of providing a more comprehensive service to its customers than pure transport. The interest -in the Felixstowe company has been acquired by Tankfreight Ltd, an NFC subsidiary described by chairman Sir Dan Pettit last week as being "significantly profitable."

Sir Dan described the deal, which allows the Felixstowe Dock and Harbour Company to retain a 20 per cent holding in the tank development company, as a unique blend of private and public enterprise. As well as having a ship handling jetty, the Felixstowe tank farm has 20 road-tanker loading bays. It can store 70,000 cum of bulk liquid.

Mr J. G. Parker, e director of Felixstowe Dock, who is to remain on the board of the tank company, said that he would much have preferred a 60-40 split with NFC, but Sir Dan had been " greedy " and insisted on an 80 per cent slice.

At a press conference to an nounce the acquisition, Sir Dan outlined the performance of the remainder of the NFC since the publication of its annual report in the spring. "This year is not an easy one," he said. It was vital for companies to trim their resources quickly to match demand. He was unable, however, to say how many redundancies had arisen because of cutbacks.

Among other points he made were that heavy 'haulage was "having a record year "; BRS Group was "tailoring resources to requirements swiftly "; and Pickfords Removals were " still thriving."

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