CTR makes cuts despite profits • Central Trailer Rentco has
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slashed 106 jobs and closed eight of its 23 UK depots just weeks after its parent company Tiphook recorded profits up by 129% to £76.1m (CM 11-17 July). Most of the growth came from outside the UK; CTR only broke even.
CTR managing director Richard Osborne says the closures and job cuts were necessary to "rationalise" investments made last year.
Depots have closed at Preston, Middlesbrough, Hull, Immingham, Birmingham, Milton Keynes, Swansea and Coventry — which is merging with Nuneaton.
Last year CTR acquired Trailerent for £9.4m which
added 4,500 trailers to its fleet and gave it a 34% market share (CM10-16 May 1990). This was followed by the £37.5m purchase of United Rentals, York Trailers' rental operation, which added a further 2,900 trailers (CM 6-12 Sept 1990). The latter deal included debts of £18m but the trailers were newer than Trailerent's.
According to Osborne the closures and job losses will not continue: "We have told staff that barring the worsening of the UK economy, we now have a solid, stable base to move forward from."
EICTR'S Doncaster depot has won a three-year contract to supply 18 reefers in Asda livery to NFT Distribution.