Freight forwarders eye Far East after MBO

FREIGHT forwarder EuroFreight Shipping Agencies has undergone a management buyout.

Chief executive Rick Alphonso has bought the business with the Halesowen company’s founder Grant Keen handing over control after 25 years.

Mr Alphonso said: “I have worked in freight forwarding for many years, and have been a director of EuroFreight for the last two.

“When an opportunity came along to buy-out my former shareholder and put into practice some of the ideas I have to drive business expansion, it was clear I needed expert advice on gaining finance.”

The deal was supported by a six-figure finance package from West Midlands-based advisors Central Finance. The funding will also enable the business to diversify its service provision as it focuses on new markets.

He added: “The funds have not only allowed me to buy out my former business partner, but will also allow us to drive expansion in the road and sea divisions of the business with a new sales and marketing plan and provide bespoke services to the Far East.”