Widdowson reveals new shareholder following cash-for-equity deal
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WIDDOWSON GROUP sold nearly half its share capital in a cash-for-equity deal to a property development firm earlier this year, according to documents just filed at Companies House.
Although Widdowson had previously revealed the size of the investment, it had not disclosed the new shareholder nor the proportion of the business it owns. However, its annual return and statement of capital reveal that some 500.000 shares — 48.5% of its equity were sold to Leicester-based property developer Charles Street Buildings (Leicester) in the ilm deal.
It is understood that Charles Street Buildings is the owner of at least one of Widdowson's warehouses; at the time the deal was struck, the haulier revealed a pre-tax loss of just over £500,000 for the year to 31 March 2009.
John Hawksworth, commercial director at the firm, says it is on track to return to profitability for the year to 31 March 2011 with a turnover of around £23m. Its contract packing operation has performed particularly strongly, he adds.
Meanwhile, Widdowson Group has revealed three new appointments: Andrew Bartlam becomes its new general manager: Joanne Sheraton is its new HR ma Hager: and Andre Mostert has been appointed freight manager.