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Maurice James acquires Progressive
Page 40
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• The directors of Maurice James Holdings Ltd. have announced that they have reached agreement with the shareholders of Progressive Deliveries Holdings Ltd. for the acquisition by James of the whole of the issued share capital of Progressive. The purchase consideration will be £925,000 to be satisfied partly in cash and partly by the issue, credited as fully paid, of shares of 2s each in James.
Announcing this recently, Mr Maurice James, chairman of Maurice James Holdings said: "The Progressive Group is involved in the collection and delivery of motor vehicles from the manufacturers and is the largest organization of its kind in Europe.
"This acquisition, together with the James Group car delivery companies, will bring about a more efficient service by both road and rail and will enable the Group to expand further its activities and services to the British motor industry in the UK and in Europe."
On completion of the purchase Mr W. F. Horn, the present chairman of Progressive. has agreed to act as consultant to the Progressive Group. Mr. T. F. Horn and Mr S. C. Love will become directors of Maurice James Holdings Ltd.