Toleman job cuts
Page 6
If you've noticed an error in this article please click here to report it so we can fix it.
• Last week's merger of Toleman into Tibbett & Britten will lead to voluntary redundancies, despite the group anticipating an upturn in the European motor sector this year.
The consolidation of the two car transporter businesses, Toleman and Tibbett's 1992 acquisition, Silcock Express, gives the group's motor division a combined fleet of 500 trucks and 25 depots.
Tibbett's takeover of Silcock helped the group report a sharp increase in sales and profits in the year ended 31 December 1993. Silcock's full-year contribution to turnover was £101.4m, which helped boost turnover by 56% to £360.43m and pre-tax profit by 64% to £24.17m.
Strong performances were also posted for the group's consumer products and special products distribution operations and Fashion Logistics' contract operations.
Grocery division Lowfield had a tough 1993. Lowfield's performance is expected to improve this year, after clinching key contracts with food company Iceland and an un-named food manufacturer.