Tue, 01 Aug 2023 | BUSINESS SALE
Challenge-trg Group has expanded its logistics offering with the acquisition of container and haulage services provider Portman Logistics. The acquisition will bolster Challenge-trg Group’s transport division, Challenge Logistics.
Portman Logistics, which has been operating for more than 30 years, is based in Bury St Edmunds and its services cover all major UK ports. The acquisition will add multi-port container services to Challenge Logistics’ offering, whilst also scaling its general haulage and logistics services.
Challenge-trg Group Chief Executive Tom Cropper commented: "This acquisition brings together a range of resources and experience, extending our transport offering across the combined businesses and accelerating our plans to being a leading transport solutions provider.”
"Our vision and values align, and through the combined passion for service and continual innovation and investment, we are committed to continuing the high-level of service delivery across all contracts, whilst taking advantage of this opportunity to offer our clients an increased portfolio of solutions."
In a statement announcing the acquisition, Challenge-trg Group said that the deal "brings about an opportunity for Challenge-trg Group to invest in existing infrastructure, invest in colleagues to enable job security, and provide existing and new clients with an extensive service offering to suit their evolving needs.”
In Portman Logistics’ most recent accounts at Companies House, for the year ending March 31 2022, its fixed assets were valued at £3.3 million and current assets at £1.9 million, while net assets stood at £1.3 million.
Read about how logistics firms are increasingly using M&A to expand their services, build scale and improve their resilience amid tough market conditions.
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