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MBO at NFT Distribution
Page 7
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CHILLED TRANSPORT specialist NIT Distribution has been acquired from its parent Northern Foods in a £51.2m management buyout.
NET Distribution MD David Frankish will take the reins, along with business services director Charles Stephens The deal was made public on Monday (31 July) ending months of speculation following Northern Foods' announcement that NFT was being put up for sale after "disappointing" annual results. Pre-tax profits fell from £62.4m to £45.1 nt.
Frankish has written to NFT Distribution workers, reassuring them the firm is retaining existing customers and "no significant changes" are planned.
Phoenix Equity Partners has backed the purchase; when the firm changes hands in the next two weeks it will be renamed NET Distribution I loklings.
A spokesperson for the T&G union says: "We look forward to working with the new owners so their promise of job security is delivered. We'll also be paying close attention to pensions as these aren't covered by the transfer arrangements."
NET Distribution's latest results show a turnover of £11.1.4m with an operating profit of £3.9m.