Investor sells stake in temperature controlled storage specialist
An entrepreneur has sold his stake in temperature controlled storage specialist Magnavale Group, which owns Chesterfield-based Rick Bestwick, to pursue new ventures.
Stuart Hancock says he is investing in several ventures with a view to taking advantage of changes in the industry that offer quick wins to business by increasing efficiencies and ultimately reduce the cost of food.
Having started in the transport office of haulage company Phil HanLey at 16, Hancock rose to become the company’s managing director by 2004 before selling the business to Innovate Logistics.
After several years working as a consultant to the industry, he formed cold store rental specialist Via Coldstores in 2010 which was followed by the launch of Magnavale in 2013.
By 2019 the group had grown from 22,000 pallets to 200,000 and offered microwave up tempering and other added value services.
He said: “Ever tighter margins, post-Brexit labour supply issues and the rapid advancements of technology mean that the time is right to focus on the potentials efficiencies offered by reducing the links in the supply chain, reducing final mile delivery costs and utilising robotic automated systems to replace labour intensive processes,” said Mr Hancock.
“The coronavirus pandemic has been a stress-test for the everyone in the food supply chain and it has revealed a number of opportunities where I can use my knowledge and expertise to provide innovative solutions to enable businesses to be more cost efficient and competitive in these uncertain times.”
He added: “I remain deeply committed to the cold storage and food production industry and, I’m keen to work with the many friends and business contacts I have made in the sector on any projects they feel I can contribute to.”
