lenwicks sold for El
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VICK's consistently loss-making freight division has been sold hitch private investment company for a nominal VI fee.
lntersurer has bought tick Freight (Holdings) Ltd the Renwick Group which liven its agreement for the )any to continue trading units existing name. Chief Jtive George Metcalfe is ng with Renwick Freight, is joining IVM's United dom holding company's d.
plaining that the change of 3rship will make no difice to the company's exterppearance, Mr Metcalfe told "I can't help but admit I am pleased with the change.
We were not within the rationale of the Renwick Group at all."
He said that while it was not yet certain whether Renwick Freight will make a profit at the end of the current financial year, the company will turn in a better financial performance, and there will be periods when it will be in profit.
Mr Metcalfe pointed out that the company has been streamlined substantially since he became chief executive in 1978. The labour force has been cut by half, from 500 to 250, and the fleet from 320 to 170 lorries. "We have been developing firmly into contract vehicle hire and into distribution, and have been trying to extricate ourselves from general haulage," he added.
That has meant that there has been a proportionately greater shedding of labour in general haulage.
Renwick Freight has closed its depots at Bradford and Hull, the former being only 45 minutes' drive from premises at Bury, and its engineering base at Dewsbury has been sold to Wincanton
(CM, July 25). _
Mr Metcalfe added that the possibility of acquiring other transport companies is something which the company will look at closely in the coming months.