Warwickshire fuel distributor bought in £3.3m deal

WARWICKSHIRE-based Eveson Fuels has been bought by NWF, a Cheshire-based distributor of food, fuels and agricultural supplies, for £3.3m.

Eveson Fuels, headquartered near Kenilworth, has storage facilities capable of holding 80m litres of fuel. It also has a fleet of 21 fuel tankers and depots at Droitwich, Long Marston and at Southampton.

In the year ended May 2010, the company made an operating profit of £100,000 on sales of £51.8m and had net assets of £2.7m. NWF will integrate the business into its existing 13-depot structure and would retain the Evesons brand.

It said that the deal will be financed from its own cash resources and is expected to be earnings-enhancing within its first full year of ownership.

Chief executive Richard Whiting said NWF was “excited by the opportunities that this acquisition provides”.

“It represents an excellent significant bolt-on to our fuel division’s operations, expanding our geographic coverage and serving a good customer mix from a well-invested business.

“Following the acquisition, NWF Fuels will deliver over 430 million litres of fuel to over 30,000 customers from 17 sites across the UK.”