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Exel plans to drop Tibbett Britten brand after takeover
Page 14
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Exel intends to scrap the Tibbett & Britten name. David Harris reports.
EXEL PLANS TO scrap the 46year-old Tibbett & Britten brand after its £328m takeover of the company, consigning one of the most famous names in UK logistics to the history books.
Exel last week made its offer of 668p for each Tibbett & Britten share unconditional, following confirmation that the deal had shareholder approval and had been cleared by competition regulators.
A big benefit to Exel of the acquisition will be Tibbett & Britten's business on the Continent and in the Americas. boosting Exel's business in those regions by about 70%.Tibbett & Britten's turnover in both regions combined was nearly £900m last year. The Tibbett & Britten name will disappear by December,says Exel, by which time its business will have been amalgamated within the global Exel brand".
Exel is expecting to cut around 200 jobs and to make total savings of up to £20m by cutting out duplication of jobs between the two companies. Nevertheless the enlarged company's turnover will rise from £5bn to £6.7bn as a result of the takeover and the number of workers from 74,000 to 110,000.
John Allan. Exel's chief executive, says: "We are now in a position to start integrating Exel and Tibbett & Britten. We have a great deal of experience in this • 1958: Founded by John Tibbett to pioneer the transport of hanging garments III 1963: Frank Britten joins the company
III 1969: A 75% share in the company is sold to Unilever/Dutch Railways to finance expansion
• 1984: John Harvey leads a management buy-out • 1986: The company floats on the London Stock Exchange • 2004: Exel buys Tibbett & Britten and abolishes the name
area since the successful merger of Ocean and NFC to form Exel four years ago, and a number of other acquisitions in the interim."
• Exel and Bristol City Council opened a freight consolidation centre for the city last week at Emerald Park.