T&B acquires &lad Express
Page 11
If you've noticed an error in this article please click here to report it so we can fix it.
• Distributor and warehouser Tibbett & Britten plans to increase its foothold in Europe by acquiring car transporter Silcock Express. Tibbett chairman John Harvey says that although the car industry is suffering in the recession, he sees the deal as a long-term investment. He intends to use Silcock as a base to expand Tibbett's operations into Europe and will be investing ElOm in the car distributor over the next year. Tibbett operates in the UK, North America and South Africa and on a small scale in Portugal and Holland. "The United Kingdom is a small, peripheral, part of the Common Market and any transport company that wants to be a strong player in the future will have to spread itself wider than simply sitting firmly on our own island," says Harvey.
Silcock, based in Barking, Essex, operates about 550 CVs and 31 rail wagons, primarily in the UK, France and Belgium with smaller operations in Spain and Portugal. It has 20% of the UK's new car transporter market; customers include Ford, Jaguar, Audi, CitrOen, Volkswagen, Rover and Fiat.
In addition to its transport and delivery operations Silcock offers pre-delivery services including valeting, damage checks, repairs and documentation. It made pre-tax profits of £5.8m in the year to 28 December.
Tibbett, based in Enfield, Middx, does not anticipate any job losses among Silcock's 1,600 employees; Silcock does not employ any sub-contractors in the UK.
The deal is worth an initial £31.2m, which could rise to £52.6m, depending on Silcock's profitability up to 1994. Tibbett specialises in textiles and clothing, groceries, toiletries, DIY and computer products. It is launching a one-for-five rights issue at 465p to raise £30.8m for the acquisition.