Bees sold for £2.5 million
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• The disposal of Lex Service's unwanted transport interests took a step further forward this week with the sale of Bees Transport to a management-owned company.
Hinckley, Leicestershirebased Bees is a secure parcels carrier specialising in high street deliveries of consumer goods and made a £500,000 profit last year on 29.3 million turnover.
It is being sold for approximately 22.5 million, about 22.4
million of which is the repayment of inter-company debts.
The remaining 2100,000, payment of which is deferred until October next year, covers much of the sum of around £80,000 at which Bees' assets are valued and another £54,000 worth of leasehold properties which Lex is assigning to Bees.
Disposal of Bees is the latest stage in Lex's withdrawal from most of the goods transport market, started with the 223.7 million sale of Lex Wilkinson's main parcels business to Federal Express in January, and the subsequent sale of the Systemline contract distribution business to Federal in April for 23.6 million. Its magazine distribution business was closed.
Lex plans to keep the Transfleet contract hire and leasing business, but confirms that negotiations for the sale of Carpet Express are continuing.