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Buyout boost for Nightireight
Page 15
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NIGHTFREIGHT GROUP has more than doubled in value following a second sale to management in three-and-a-half years.
The company, which has 55 depots and more than 1,000 vehicles, was originally sold to a team led by chief executive Rob Kelly for £43m. Now, in a deal where the main source of funding switches from Barclays Bank to the Royal Bank of Scotland, its value has soared to £89m.
Kelly says Nighfreight far exceeded its growth targets when it moved from a Stock Exchange listing to private ownership in 2001. -Profits have almost doubled and we have achieved market leadership in the overnight delivery of mixed parcels and IDW (irregular dimension and weight) freight." he reports.
Since 2001 the workforce has risen from 1,650 to 2,000 and a range of services has been developed around logistics and overnight freight and parcels delivery.
The company, whose main hub is in Willenhall. West Midlands, says the refunding package will be used to further develop existing services rather than moving into new areas of business.