T&B goes for stock market listing
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• Flanging garment carrier Tibbett and Britten is to be listed on the stockmarket within a month with the aim of raising around £8 million for future development.
Tibbett and Britten's move to the stock market — where around 25% of the company's shares will be on sale — will pay for a new West Thurrock distribution complex dedicated to Marks and Spencer.
It is estimated that the new centre will have three storage centres with total space of 23,000m2. It will be used for stock distribution for M and S stores in the area by Tibbett and Britten's dedicated transport service, Transcare.
Tibbett and Britten will probably be valued at well over 00 million on the stockmarket. At present it runs 500 vehicles from 15 depots.
Eighteen months ago its management, headed by managing director John Harvey, carried out a management buy-out from Unilever's SPD. Venture capital company 3i also took on a quarter of the shareholding.
The quotation comes at a restless time for the hanging garment transport industry. TNT's Garment Express entered the market with a bang in March by taking the British Home Stores contract from High Street Transport and the Next contract from Tibbett and Britten.