Swift sell-off from LEP
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• Months of uncertainty ()vet the future of Swift Transport Services ended this week as senior management bought the UK transport subsidiary from the Lep Group for Y.26111.
Swift chief executive John Brotherton, who led the buyout, says he will be issuing share options to up to 60 of his senior management to encourage performance in the £52m-turnover company. Swift operates 700 vehicles from 22 depots arid employs 1,300.
Brotherton was supported in the buy-out by Swift directors Mark Gittins and Dennis NI i dy and three senior manager h.
A "substantial" part of the oliiipany has been bought by the six, and the £26m financing package was arranged by Prudential Venture Managers and ilidustry investment specialists 3i.
The sale comes just three months after the ailing Lep Group decided to sell non-core activities and concentrate on its freight forwarding roots — it recently sold Belgian transport company Jean Vincent.
Brotherton hopes to negotiate an alliance with the Continental road companies still owned by Lep — Wohlfarth in Germany and Sleenbeigen in the Netherlands.