Milk strike threat Couchman raises £2m to buy into Hammond Group
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• Some 20,000 workers in the milk industry are to be balloted on a series of one-day strikes after twice rejecting an across-theboard pay offer of 1.8% on basic wages.
The Transport and General Workers Union ballot, which starts on 23 August and runs until 17 September, will be for 24hour strikes every Friday until the milk industry employers make a revised offer.
"We are seeking an increase that would protect workers' standard of living and we don't believe 1.8% does that," says TGWU national secretary John 11/loore. • Well-known parcels industry figure Ivan Couchman has bought into Redhill-based Hammond Transport Group with a £2m cash injection provided by investment capital firm 3i.
Couchman, a former chief of Red Star, ANC and TNT Skypak, becomes managing director of the 150-truck company. John Davies, who founded Hammond in 1959, becomes chairman.
Davies says that he wanted to ensure that the 1:12m-turnover business had "strong and energetic management" established before he retires in five years.
"Before the takeover Hammond had no borrowings and plenty of cash reserves, having established fairly consistent profits over the past seven to eight years," says 55-year-old Davies, "But I wanted to ensure it had the right succession to expand in the future." Davies and his wife previously owned 67% of the shares. They will remain shareholders, as do financial director Don 11/lear and operations director John Cutler.
Hammond has a workforce of 200, including 160 drivers, and five leased depots: it is projected to make £600,000 profit this year.