Stead's price linked to sales
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• Rapide (UK) Freight Services is about to buy its second textiles haulage business in just over 12 months. The Keighley-based operator, which relies on 70% of its turnover from textiles, this week hopes to complete the deal with the 12truck operator Stead Transport.
Rapide is planning to take over the goodwill of the 23-year-old family business, its trucks and some of the drivers, It has agreed to pay a one-off undisclosed sum and then 20% commission on the turnover it acquires from Stead Transport in the next 12 months.
The deal will allow Rapide to spread the cost of the business over the year, says its chief executive Keith Sabey: "It also means that Stead Transport has an interest in encouraging its customers to join us."
It is hoped to give Rapide a foothold in deliveries to Northern and southern Ireland and it will boost its fleet from 54 to 66 trucks.
The Stead family will retain its Huddersfield site. It is believed the family's children do not want to take over the haulage business from their father who is retiring.