Deal creates £50m-turnover haulage and plant hire group
Haulier Fox Brothers has acquired Clive Hurt Plant Hire in a multimillion-pound deal.
The deal brings together two North West operators and will create a combined business with an annual turnover of nearly £50m.
Paul Fox, group managing director of Fox Brothers, said the acquisition “is an incredible opportunity to unlock the potential of both businesses”.
He expects it will create opportunities to compete for larger projects in terms of scale, scope and complexity, as well as expanding the group’s geographical coverage.
Blackpool-based Fox Brothers, which is a haulier of aggregates, recycled materials and earthworks contractor, and Leyland plant hire business Clive Hurt employs 320 people between them.
The combined 150-strong fleet of wagons makes it the largest in the region, with the 70 from Fox Brothers joining forces with 80 from Clive Hurt, while the group also operates a significant fleet of plant and machinery with 400 machines.
Fox added: “We will be one of the main providers of earthworks and aggregates transport in the North West and we will be able to provide a ‘one-stop shop’ solution for housebuilders, infrastructure, construction and civils contractors. We will also have the capability to tackle larger and more complex engineering projects.”
The businesses will continue under their existing brands, and day-to-day operations will be carried out from their respective locations.
As part of the deal Fox Brothers’ property company, Fox Brothers (Blackpool) Limited, has agreed to purchase Clive Hurt’s Sandham House depot in Leyland.
The transaction was funded by Close Brothers who provided invoice finance, asset finance and term debt to support the acquisition. Fox Brothers were advised by Hill Dickinson and Clive Hurt Plant Hire were advised by Napthens Solicitors.