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Wincanton snaps up Hanbury Davies
Page 6
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Wincanton has boosted its presence in the container sector with the purchase of Hanbury Davies. Roanna Avison finds out why.
WINCANTON HAS moved into the container market with the £25m purchase of Hanbury Davies.
The supply chain logistics provider started its own container operations about a year ago and had about 30 vehicles based in Alconbury and Southampton.The addition of Hanhury Davies will add some 500 vehicles and 21 sites to the operation.
Wincanton managing director Martin Taylor says: -We discovered early an [in our container businessIthat you need critical mass when moving containers: 2030 vehicles is not really 2nough to cover the whole of the UK."
Once Wincanton ;tarted looking for an icquisition target Flanbury Davies was she clear winner )ecause there was a :lear fit between the wo,Taylor adds.
Hanbury Davies Atilt now be run under he Wincanton brand Ind its management earn will take on .esponsibility for developing Wincanton's existing container business.
The container market is growing at 10-11% a year,Taylor reports — he predicts that Wincanton will achieve strong organic growth on the hack of this growth.
I lanbury Davies MD Ian Wilson will continue to head up the operation. He admits the company was not actively looking for a buyer when Wincanton made its initial approach but says: "Wincanton is very progressive about what it wants to do in the sector and very focused and committed to achieving its goals and we felt the companies are a very good cultural fit."
He adds that this is an exciting time for staff and management as Wincanton wants to continue the growth plan Hanbury Davies had been working to. David Pattison,senior analyst at Plimsoll Publishing, says Hanbury Davies has been expanding rapidly and will give Wincanton a superb platform on which to develop its presence in the container market.
"The container market is a growth area and I think [Wincanton] will be looking to invest in it and develop the business," he predicts.
Wincanton may have to pay a further £2.5m if Hanbury Davies performs well in the next financial year. In the 12 months to 31 March 2007 its container activities generated turnover of some £52m with pre-tax profits of £4.3m.
• In an interim management statement to the City Wincanton says trading in the first half of its fiscal year to 21 kutuary has been in line with expectations.
-Strong momentum of our UK and Ireland business has continued into the second half and improved first half perforntance in mainland Europe is also being sustained," it claims. The statement also revealed that a number of further acquisition targets remain under review in the UK, Ireland and mainland Europe.