Jacob buys two for Ontime launch
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• Jacob Holdings has bought two haulage and freight forwarding businesses, Thomson Jewitt International and Hudson Shepherd, from UCI Logistics for £.3.5m.
They will become part of Jacob's new distribution subsidiary Ontime Logistics when it is launched on 4 January to cover the Continent, Scandinavia, North America and Asia As a result of this deal, Jacobs, which owns and operates Thames Europort at Dartford, will have more than 350 vehicles and trailers with a workforce of 410. The new logistics subsidiary is now made up of the two acquisitions and Horizon. Based on the current turnover of its three constituents, Ontime's turnover is forecast at I:32m in its first year of trading.
Jacobs also plans to introduce a third ship on the Dart Line freight ferry route from Dartford to Zeebrugge during 1999.
Michael Kingshott, managing director of Jacobs, says: "We have invested a total of £12m in this division during the past year and will continue to absorb the impact of one-off set up costs in 1999. Our current expectation is that pre-tax profits for 1998 will not be less than 18.25m."