Lex trucks sale nets £36 million
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• 1,ex Service has completed the £36 million disposal of its unwanted transport subsidiaries with this week's completion of a £4.6 million cash deal to sell the Carpet Express business to its own management.
This comes only a week after management at Bees Transport, the secure parcels company, sealed a deal to buy their company for £2.5 million.
But unlike that deal, where most of the cash sum was to extinguish an inter-company debt, Carpet Express management is paying £2 million for the share capital, £283,000 for leasehold properties assigned to the company and £2.3 million for inter-company debts.
The net book value of the assets being sold — Lex revalues its assets annually — is estimated at £337,000.
Last year, the company made a 2700,000 profit on £9.8 million turnover.
Completion of the deal leaves Lex to concentrate its resources towards the longterm development of other business activities, like automotive distribution and leasing (including Transfleet truck rental and leasing) and electronic component distribution businesses.
The sale of the Lex Wilkinson parcels and Systemline contract distribution businesses earlier this year to United States-owned Federal Express represented the biggest part of the Lex sell-off, netting £28.9 million, £1.6 million of it Systemline debtors owned by Lex.