Retail logistics firm snaps up haulage company
RETAIL logistics firm TEF Transport has acquired a York-based haulage firm to boost their ranks and add to their growing client list.
In an undisclosed deal, Millfield Haulage was acquired by Scarborough-based TEF, adding 20 staff to the firm as well as a 40,000 sq ft logistics site.
TEF had 65 staff and £6m turnover, with clients including McCain Foods and Pindar Print, while Millfield brings in revenues of £2m annually.
TEF itself was acquired in 2005 by husband and wife team Linda and Andy Mclaughlin, a former driver at the company. Ms Mclaughlin previously worked at Yorkshire Bank.
The business now has 40 vehicles, 60 trailers and a purpose-built logistics depot with 50,000 sq ft of warehousing space.
Two other TEF Transport directors, Dave Beckett and Marc Crosbie, have also acquired small stakes in Millfield Haulage.
TEF were advised by JWP Creers, with legal support from the commercial team at Harrowells Solicitors, York, in the deal funded by HSBC.
They are one of only a handful of Yorkshire companies to have British Retail Consortium accreditation.
Andy Mclaughlin says: “The two companies have a lot in common, including some shared customers.
“Millfield will bring will bring massive benefits to our operation in terms of vehicle utilisation, reducing empty running for vehicles and additional warehousing.
” It will also ensure future growth as we add additional clients to our portfolio. Our plan is to double the fleet in York during the next 18 months.”
JWP Creers corporate finance partner, Tony Farmer, who worked on the deal with corporate finance manager, Nick Barker, said: “TEF is a very well-run, fast growing business and this acquisition will see it go from strength to strength.”
HSBC’s corporate relationship director in York, Mike Craft, added: “HSBC is keen to support ambitious businesses like TEF Transport. I am pleased we have been able finance its acquisition of Millfield Haulage and look forward to working closely with the company as it grows.”
