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11I3 announces growth plans
Page 14
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• Contract distribution group Tibbett and Britten has revealed plans to spend more than 25 million on new vehicles during 1989, following its announcement of a 31% boost in pre-tax profits to 26.25 million in 1988.
Finance director Sidney Gould says fleet expansion will be coupled with a warehouse development programme as "1989 is a year of organic growth for T&B". The group plans a capital expenditure of more than 216 million in 1989 which will be funded by a onefor-four rights issue. Tibbett and Britten has just signed a deal with Colgate Palmolive to distribute personal and household products to more than 2,500 retail outlets. The operation will be run from Whitwood by T&B subsidiary Retail Consolidated Services which, combined with Dartford Securities, provided more than 90% of the revenue growth for T&B last year.
Although there are no plans to purchase new vehicles for the contract, T&B will be reviewing its transport requirements with Colgate Palmolive during the next few months.