Sale of Harold Wood t( kfords
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540-TANKER TAKEOVER BY STATE COMPANY
THE largest road tanker fleet in the country—Harold Wood and Sons Ltd., of
Heckmondwike, Yorks—is being bought through Pickfords Ltd. by the Transport Holding Company. This was announced on Monday, when it was revealed that Norcros Ltd., the owners of Harold Wood and Sons Ltd., are to be paid £1,275,000 in cash, while THC will also discharge the Harold Wood company's indebtedness to Norcros for an amount totalling 061,000. Norcros Ltd, will also be entitled to an interim dividend from Harold Wood and Sons in respect of the current financial year, amounting to about 175,000 after payment of income tax. The whole transaction is expected to be completed this month.
The news of this takeover of a 540tanker organization by the State-owned THC comes barely six weeks after the announcement of THC's scheme to acquire a controlling interest in the 1.500vehicle Tayforth Ltd. group, and of the links with car transporter companies and with Leyland on the manufacturing side. and the takeover by BRS of George Read (Transport) Ltd. of Mitcheldean.
The Harold Wood concern was sold to NOICIOS Ltd.. the industrial investment company, in 1960 for some £820,000 in cash and shares, at which time about 300 tankers were operated_ The Heckmondwike-based company was formed in 1920. operating first in general haulage and then specializing in road tank work—in which Mr. Harold Wood himself was a pioneer. After the Norcros takeover he remained as chairman and managing director but early this year he resigned from the company; the reason for his sudden departure has never been officially stated. but Mr. Wood was quoted at the time as saying that there had been a disagreement over the results of the company's operations.
Since becoming part of the Norcros group, Harold Wood and Sons have enjoyed full autonomy and Mr. 3. Et. Wild, who succeeded Mr. Wood as managing director, and who is to remain in this post. emphasized to The Commert !al Motor in an interview this week that complete operational autonomy would continue, although purchasing policy was one of the items still to be considered for the future. He said
there was an-outlook of optimism over the advantages offered by the link with what he described as the great Pickford organization. and the company expected to give customers an improved service. Mr. Wild said there would not be any disturbance of the existing staff because of the takeover.
On Monday. Norcros Ltd. stated that the realization of this transaction with Pickfords Ltd. would "relieve the Norcros group of the burden of the considerable capital requirements of Harold Wood and Sons Ltd." The proceeds of the sale will be used to further the expansion of the Norcros group by the acquisition, as opportunities occur. of "businesses which are capable of ready integration within the group's divisional framework; meantime they will be placed on short-term deposit."
The Harold Wood fleet of 540 vehicles has grown by over 200 during the five years as a Norcros subsidiary: these figures perhaps indicate the volume of demand on Norcros capital. Harold Wood has depots at Heckmondwike, Widnes. Basildon, Cardiff and Stockton (the latter already functioning although yet to be officially opened). The company also has a joint holding in Rotterdam with a Dutch tanker concern Mv. Petac. and a wholly owned subsidiary company, Spen Coaehbuilders Ltd. at Heckmondwi ke.
Although it seems that Harold Wood and Sons will continue to operate as a
vi rtual I y independent business. the fition in effect gives Pickfords )1 of about 1,000 tankers. Piekfords tank haulage fleet numbers 425 er, of which 321 are on A licence, on Contract A. 22 are on various nces and 43 on C-hiring. The main 3 are at Stratford. London, E.; e; and Trafford Park, Manchester. is also a small one at Ellesmere Cheshire, while some vehicles are at outlying points and a number ose on contract to the petroleum lilies are based at the FIRS' depot urrock, Essex.
HA wants C. and U. variations
E highways and vehicles committee F the Road Haulage Association is 'Hy reviewing the Construction and Amendment Regulations issued in st, 1964, with the intention of ig up some new proposals to the try of Transport working party. other ton in maximum axle loading reduction of 2 ft. from minimum base on four-axle, 30-ton-gross will be sought by the RHA. They told the Ministry that these conns are necessary to overcome cal difficulties brought about by the Intents last year.
enanee Manual: A maintenance ills to be issued next January by the Haulage Association to its members.