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Managers see way clear to buy-out
Page 20
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NOTTINGHAM-BASED operator Clearway Distribution has been sold for £3m to a group of its managers led by incoming chief executive Graham Darnell.
Other managers involved in the buy-out include MD Graham Hodgkins, transport director Nick Lacey and financial director Nigel Brookbanks.
Established in 1947, and owned by Christopher Deane since 1975, Clearway has an annual turnover of £12m and employs more than 100 drivers with a fleet of 90 HGVs.
The firm's business includes transport and warehousing for customers ranging from pharmaceutical companies to printers, engineers and food producers.
Darnell says he has no plans to change the core business, but he does plan to expand:"The changes I am looking for are to grow the business, both locally, where we have a good reputation, and nationally" Plans for new services include reverse logistics, picking and packing and the testing of goods.
Funding for the takeover came from Lloyds TSB and corporate finance specialists Watersheds.