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Football boss nets £19.2m for Hargreaves
Page 18
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NEWCASTLE UNITED FC's honorary president Bob Young has sold his haulage company for £19.2m. Young, who founded the bulk haulier Hargreaves in 1994 and was its sole owner, sold out to a management team led by chief executive Gordon Banham and financial director Peter Dillon. With 300 vehicles Hargreaves already claims to be the country's
biggest independent bulk haulier; its new owners are aiming for further growth.
Young has agreed to stay on as a director for three years.
Dillon says: "He is 58, he has worked damned hard all his life, and it now suits him to become non-executive." The new team plans to expand both by getting new contracts and
buying other businesses.
Hargreaves has three areas of operation: bulk haulage; waste haulage, which it regards as an expanding market; and the sale of coal, coke and other carbon fuels.
Its headquarters are in Ash Winning, Co Durham and turnover in the year to 31 May 2003 was £62m with an operating profit of just under £1.9m.