Wincanton will float in market
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• Unigate is to spin off its Wincanton Logistics operation and give it its own stock market listing within nine months. This is designed to release Wincanton's true value and enable it to pursue an aggressive expansion policy in western Europe.
Wincanton marketing services manager John Greehalgh says: "There is a lot of potential for us in Europe. Outsourcing is not nearly so developed over there as here, and this will enable us to take the expertise that we have gained in the UK over there."
Wincanton, the second largest logistics company in the UK behind Exel, boosted its turnover by 13% to 1622m (excluding business with Unigate) in the year to April. Its operating profit rose 14.8% to £34.9m.
Major customers include Asda, Focus, Do-It-All, Iceland, Littlewoods, Safeway, Sainsbury's and Tesco.