Business

Stobart Acquires stake in speedy freight

Logistics group Eddie Stobart has bought a 50 percent stake in a Knutsford-based provider of nationwide business-to-business express freight services.

Stobart Group Ltd is a British infrastructure and support services company, with interests in energy, aviation and rail, through operations in the United Kingdom and Ireland.

The well-known group, which floated earlier this year, has acquired a 50 per cent interest in Puro Ventures, which trades as Speedy Freight. The acquisition was said to complement Eddie Stobart’s service offering to business customers in the e-commerce sector and broadens its capabilities across the whole supply chain.

The deal was revealed in a trading update in which Eddie Stobart said sales for the six months to 31 May 2017 grew by approximately £287m, with operational efficiencies improving the growth rate at an earnings level.

Despite the challenges for the logistics sector “due to the current political and economic environment”, the business said its second-half, traditionally its stronger period for sales and margins, had commenced well.

Chief executive Alex Laffey said: “We are pleased that following our successful IPO in April we have continued to trade well. Our ongoing investment in the business and targeted acquisitions are giving us greater capabilities across our e-commerce and manufacturing, industrial and bulk sectors.

“Our operations continue to trade well as we move into the second half of the financial year, and we look forward to delivering a full year performance in line with market expectations.”

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