Seven-figure funding package drives logistics firm acquisition
Accrington-based North West Logistics has used a seven-figure funding package from HSBC UK to acquire a Wrexham firm.
Proserve Logistics will complement the Lancashire business through its warehousing and transport solutions, which include more than 400,000 sq ft of warehousing space, supported by a fleet of 15 vehicles.
The combined revenue of the new group will increase to £17m, and over the next two to three years revenue is expected to increase further.
North West Logistics managing director, Stephen Dunn, said: “The acquisition of Proserve Logistics marks an exciting next chapter for our company, and we’re grateful to HSBC UK for providing funding.
“This acquisition allows us to join together with a well established, reliable business, with a very experienced management team, robust growth plans and a loyal customer base.”
John Green, managing director at Proserve, said: “We are all excited about the future of the new group and its ability to achieve much more in the UK logistics sector. The various synergies we share will help us to create new opportunities for growth, and find new efficiencies in our operations.”
Jason Gledhill, corporate relationship director at HSBC UK, said: “North West Logistics continues to perform exceptionally well in the logistics sector and generate impressive levels of organic growth.
“The acquisition of Proserve Logistics, a trusted business, consistently delivering the highest of standards for its customers, signals an exciting milestone and we look forward to seeing further growth opportunities born out of this union.”
With more than 60 vehicles in operation, supported by 100,000 sq ft of warehousing space, North West Logistics provides solutions and support to customers across the UK, ranging from SMEs to large multi-national businesses.
Alasdair Mackinnon, partner at Hill Dickinson Solicitors, acted for HSBC UK and Brett Cooper, head of corporate at Backhouse Jones Solicitors, acted for North West Logistics. Richard Goodall, director at FRP Advisory, undertook the financial due diligence, providing financial advisory support.
