United Pays £290,000 for Sunter
Page 31
If you've noticed an error in this article please click here to report it so we can fix it.
THE United Transport Company Ltd. of Chepstow has, through its subsidiary 1 company, Bulwark United Transpoit Ltd., acquired for £290,172 cash the entire issued share capital of Stutter Brothers Ltd, of Northatlerton and its associated companies, Crook and \Millington (Carriers) Ltd. and Joseph Elliott and Co. (Bishop Auckland) Ltd. This was announced on Wednesday. Mr. Leonard Sunter and Mr. Peter Sunter will remain on the boards of the companies, which will be reconstituted as follows: Mr. Duncan H. Fouids (chairman); Mr. Leonard &inter (managing director); Mr. Peter Sunter, Mr. G. A. H. Watts and Mr. H. P. Wynn. Mr. Foulds is managing director of Bulwark Transport Ltd. and other group companies; Mr. Watts is a director of United Transport Co. Ltd. and Mr. Wynn is a director of Robert Wynn and Sons Ltd. The Sunter companies are based at Northallerton, Yorkshire. and are engaged mainly on the carriage of indivisible loads, prefabricated and long steelwork and the dismantling and erection of industrial machinery. Net assets of the Sunter group at June 30 last year were £179,756, made up of fixed assets at cost, less depreciation-1.134,500; net current assets-144.812; formation expenses£345. Net profits, before tax, for 1962 were £19,828 and for 1963,1.27,900. United Transport expects the current year's profits to be considerably higher than those for 1963, and these will accrue to Bulwark United Transport Ltd. United Transport expects that this acquisition will, as well as providing further diversification of the U.K. transport activities of the United Transport group, also provide increasing profits through close inter-working with the Wynn group of companies which was acquired by Bulwark in February, 1964.