Eddie Stobart buys into Speedy Freight

Logistics group Eddie Stobart has bought a 50% stake in business-to-business freight services firm Puro Ventures, which trades as Speedy Freight.

The Knutsford-based franchise business offers a 24-hour, same-day expedited freight service.

Eddie Stobart, which floated earlier this year, said the acquisition would complement its existing service offering to business customers in the e-commerce sector and broadens its capabilities across the whole supply chain.

In a trading update the company also said sales grew by 13% to £287m for the six months to 31 May 2017.

Alex Laffey, chief executive, 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.”

Dan Wright at Deloitte provided financial due diligence to Eddie Stobart.

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