NWF takes to the south with 0.3m Evesons Fuels deal
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NWF GROUP HAS bought oil distributor Evesons Fuels for £3.3m in a deal that will bolster NWF Fuels' volumes by a fifth.
The deal includes Evesons' depots, which hold 80 million litres of fuel at Kenilworth, Warks; Long Marston, Herts; Droitwich,Worcestershire; and Southampton. Cheshire-based NWF, parent company of Boughey Distribution, says it will integrate Evesons into its existing 13-strong depot structure, which already holds 350 million litres of fuel. The brand name of Evesons, which has an 0-licence for 36 vehicles and four trailers, will be retained.
NWF chief executive Richard Whiting tells CM: "This purchase is part of our strategy to make bolton acquisitions to expand the business. Evesons is an example of a perfect-fit model to complement NWF. Most of our infrastructure is at the northern end of the M6, so we will now have better coverage in the south."
He says the collective businesses will deliver to approximately 30,000 haulage, supplier and domestic clients. Following the purchase, NWF Fuels will have the capacity to deliver more than 430 million litres of fuel from 17 UK sites.
In the year ending May 2010, Evesons posted an operating profit of £100,000 on a £51.8m turnover and had net assets of £2.7m.
NWF is financing the deal from its cash resources and expects the purchase to deliver profit in its first year of ownership.