Swift sale nets £7.8m
Page 7
If you've noticed an error in this article please click here to report it so we can fix it.
THE LEP GROUP has paid £.7.8m for Swift Transport Services, the Northamptonbased haulage and warehousing business.
The deal gives Lep's international freight forwarding business Swift's six depots, 480,000sqft of warehousing space, 450 staff and a fleet of 178 lorries, and gives Swift access to Lep's customers.
In a statement issued last week by both companies, Swift said it had turned down other offers for its ilOrn turnover business which has expanded and remained profitable throughout the recession.
Lep's £4.6m profit increase (pre-tax) last year to £7.5m was the group's best-ever result.
Swift will retain its separate identity and its management team, and Lep Transport's joint .managing director, Keith Studer, hinted at the future development of the partnership in the statement.
"Although we are not immediately challenging the inter-continentalparcels carriers, the potential exists to develop a new range of doorto-door services for exporters and importers," he said.