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Innovate bids for Celcius First depot
Page 6
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Another week, another acquisition for Innovate Logistics. This time it's rumoured to be buying part of Celsius First. Chris Tindall reports.
ACQUISITION-HUNGRY Innovate Logistics is currently eyeing up the assets of Celsius First. the debt-ridden firm that is being sold off piecemeal by its administrators.
Commercial Motor understands that Innovate, the Pete Osbornerun business that has been on a spending spree since it was launched three years ago. is set to buy one of Celsius First's cold stores, either in Portbury near Bristol or in Grimsby.
As CM went to press. Innovate would not comment on the rumours concerning Celsius First. However, an Innovate insider confirmed that the company was in the process of completing the acquisition of at least one of Celsius's sites. Any acquisition will come just weeks after Yearsley Group bought three Celsius First cold stores (at Bellshill, Glasgow; Grimsby and Wishech. Cambs), and a contract at Hams Hall in the West Midlands (CM 30 March).
If Innovate does snap up these sites it would leave two other Celsius First cold stores still up for grabsin Kings Lynn,Norfolk and in Stratford, East London. Celsius First's subcontractors say they have still not heard any news about when or if -they will be paid what they're owed. KPMG administrator David Chubb could not be reached for comment.
• Pete Osborne says that Innovate Group's joint venture with Icelandic logistics group Eimskip will put them on a level playing field with Exel and Wincanton. He adds: "That's great, because it's where we want to be."
Talks between the two companies about the Icelandic business's strategy in the UK have been taking place for the last five months. According to Osborne. Eimskip is now carrying out due diligence on Innovate. He expects that the details will be finalised over the next four weeks.