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Managing director John Williams led a management buyout from Hutchison
Page 48
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Ports in 2001. Maritime now works from 15 depots nationwide, has increased container movement fourfold and is, according to sister magazine Motor Transport list of the Top 100, one of UK's most profitable haulage companies. Famously hands-on, Williams runs an enterprise with a very lean and flat managerial hierarchy "Transport should be run by transport people," says the boss of Britain's largest privately owned container hauler. He's determinedly "not going to go the plc route," being wary of corporate structures "driven by other people's perception of the value of the company, short termism. Shareholders can dominate to a reckless degree." His recipe for success includes: "Keep it simple... organic growth... good drivers, the best trucks, uptime and productivity.., working bloody hard at the job. The company comes first... I'm devoted to it." Maritime is, "debt-free, cashpositive and increasing revenue," claims Williams, currently completing the purchase of a new depot close to the railway at Leeds, "instead of
a villa in Portugal. There have not been excessive dividends nor have we been excessive in terms of acquisitions." Banks currently insist on good interest cover (sufficient profit to service debt). "Lots of companies' profit is marginal," Williams claims. "Maritime's is substantial."
Williams, known for his frankness, is brutal about the major banks' stewardship of the financial sector: "They've put us all in jankers," he says tartly, "banking... is very sensitive right now and among those who've discovered haulage companies with minimal resources to cover debts among their customer portfolio there's probably some very challenging discussions taking place."
The Leeds purchase is part of a strategy to get away from the immediate environs of ports.
"As a company, we want to be buying freeholds," says Williams: especially at a time when there's cash in the bank and commercial property prices are sliding. "We're looking to buy land where we can double or treble the size of the business." His strategy is to get goods closer to