Thu, 09 Jun 2011 | DIVISION SALE
The chief executive of haulage firm, Wincanton, has said that part of the plan to help the firm received from its annual loses of £25 million, will see three of its mainland Europe businesses sold off.
Eric Born said he was hoping to generate £41.5 million from the sale of the three European arms, and use that money to reinvest in the company's current contracts and core UK business.
Mr Born added that as well as driving down costs, it was imperative that the company's business model was adapted to recognise their customers' changing needs. The company has a staff of 26,000 across Europe and boasts Sainsbury's, WH Smith and Comet among their high-profile clients.
The group published pre-tax losses of £25.9 million in the year to March 31, which sharply contrasted with the £3 million in profits it posted the previous year. It has been said that much of the profit-to-loss swing stemmed from the costs incurred from significant restructuring, but underlying profits dropped 0.9 per cent to £34.4 million, while revenues were flat at £2.2 billion.
While prospects are looking better for Wincanton in the coming year - particularly from their push into the public sector - the company is expected to take a hit from the administration of Focus DIY, one of its major customers.
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An administrator is seeking to maximise returns from the sale of an Edinburgh-headquartered used vehicle dealer's assets following its collapse earlier this month. Offers are invited from buyers as soon as possible.
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