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T&B profits up
Page 21
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• Management-owned Tibbett & Britten has boosted its 1986 first-half pre-tax profits by 39% to £1.26 million, and is looking to buy Elida Gibbs' 9.7hectare national distribution centre at Whitwood in West Yorkshire for £4.5 million.
The proposed acquisition of Whitwood results from Elida Gibbs' decision to contract out its warehousing and distribution operations.
T&B has conditionally agreed to buy Whitwood, and also signed a memorandum of understanding — in effect a letter of intent — with Elida Gibbs which will form the basis of an operating agreement in which T&B will provide Elida Gibbs' entire UK finished goods distribution for the next seven years.
According to T&B deputy chairman Sidney Gould, the sale is scheduled to be completed before the end of the year. Elida Gibbs is expected to remain the principal customer of Whitwood over the seven-year operating period, although the acquisition will also enable T&B to offer warehousing and distribution services to other companies, Gould, however, says that his company is not likely to expand its fleet on taking over Whitwood — rather it will subcontract out the distribution work to outside hauliers.
The freehold Whitwood site comprises a 23,225m2 warehouse and distribution depot with offices next to the M62.
Commenting on the hanging garment and distribution company's first half results, T&B chairman John Harvey reaffirmed profit forecasts before taxation of not less than £3.25 million for 1986.
The first phase of T&B's West Thurrock regional distribution centre for Marks and Spencer was opened last month and the whole unit becomes fully operational in Spring 1987. In August the
group also secured a threeyear contract with IBM to manage its 16,257m2 Milton Keynes warehouse.
Harveys says that although these developments have all taken place since June, and will not contribute to either the interim or full year results, the West Thurrock centre, IBM contract and the purchase of Whitwood are expected to add over £10 million to T&B's sales in 1987.