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• Financial backing to the tune of £50,000 has enabled three transport men to set up their own transport and warehousing group, called Ulamine Ltd. The group comprises John Pritchard (Transport) Ltd, Maurice Jason Ltd. and John Pritchard (Warehousing) Ltd.
The Pritchard transport concern is an old-established 34-vehicle, east-London company specializing in food distribution with a major Sainsbury contract. It was in order to purchase the company that the three men approached Small Business Capital Fund Ltd, a subsidiary of the £600m Co-operative Insurance Society, for aid. After less than three months of deliberation SBCF put up £50,000 in return for 30 per cent of Ulamine's equity and the placing of one of its directors on Ulamine's board.
Ulamine — a ready-made holding company which will shortly change its name — is predicted to be able to expand its turnover to £2m in four years. Its three companies — Maurice Jason operates an express delivery service and the warehousing branch has 50,000sq ft at Erithwill probably be joined by others within a short time. The three men who set up the group are Neville Whittaker (chairman), Alan Morris (transport director) and John Gleeson (warehousing director). A spokesman for SBCF told CM this week that it hoped to regain its capital within five to eight years. By that time the company should be able to buy out its investment.