Brothers complete acquisition of storage business
Brothers and local businessmen, Neil and David Clemson, have acquired the commercial storage business K2 Storage Solutions from E. Sutton Group, for an undisclosed sum.
The transaction, which includes the acquisition of a 105,000 sq ft high bay warehouse at Shuttleworth Mead Business Park near Burnley, was completed just prior to Christmas.
A team of 14 staff have transferred with the business.
Together with the existing storage facility near Preston the acquisition expands capacity to more than 30,000 pallet locations plus a broader range of services including picking and packing, product re-working and non-standard storage.
Neil Clemson, managing director of K2 Storage Solutions, said: “The acquisition of K2 represents a significant expansion of our commercial storage and outsourcing capabilities. Our plan is to continue to provide the high standard of service for our clients and to attract new customers throughout North West England who are seeking highly efficient and cost-effective storage solutions.
Mark Chalmers, finance director of E. Sutton Group, said: “We are pleased to conclude the transaction to a local business whom we have worked with over a number of years.
“I am confident that Neil and David will continue to take the business from strength to strength in the future.”
Director, David Clemson, said: “We are delighted to have completed the purchase of the K2 business and have inherited a strong client base that provides a solid platform for growth.
“We will invest in the people, infrastructure and systems to deliver a highly attractive solution for businesses looking to either outsource or augment their storage needs and reduce their cost base.”
Advisers on the transaction were Trevor Dawson & Co, Chartered Surveyors, Glaisyers Solicitors and Forbes Solicitors.
Debt finance was provided by Cambridge & Counties Bank, advised by Knights Solicitors and Knight Frank, Chartered Surveyors.