Wincanton PLC Agreement for sale of Pullman Fleet Services
RNS Number : 3136E
05 November 2020
5 November 2020
('Wincanton' or the 'Group')
Agreement for sale of Pullman Fleet Services
Wincanton plc, the largest British third-party logistics
company, today announces it has agreed to sell its subsidiary,
Wincanton Pullman Fleet Services Limited ("PFS"), its UK commercial
vehicle repair and maintenance company, to asset management firm
Aurelius Investments ("Aurelius").
The sale of PFS follows the recently announced agreement to sell
Wincanton's containers operations ("Containers") and is aligned
with the Group's strategy of focusing on growth opportunities in
its core markets.
The nature of the market in which PFS operates is such that its
contracts are smaller and carry demand risk, meaning it is not
aligned with Wincanton's core business model. As with Containers,
PFS would require further investment in the near term and the sale
allows Wincanton to focus on investing in areas offering higher
The completion of this disposal will mark Wincanton's exit from
Specialist Services and the Group will be structured around its
four core markets: Digital & eFulfilment, Grocery &
Consumer, General Merchandise and Public & Industrial.
Wincanton will receive a nominal consideration for the sale of
PFS. After the transfer of net liabilities, primarily in respect of
leased fleet and property, fees and provision for costs of
transition and separation, the Group expects to report a small
non-underlying gain on disposal.
The transaction will reduce the Group's annual revenue by
approximately GBP30m but lead to a small benefit in the Group's
underlying profit before tax.
James Wroath, Chief Executive Officer of Wincanton, said:
"Wincanton has set out a clear strategy for achieving profitable
growth and we have focused our teams and our investments towards
those markets where we see the highest potential. Our recent
disposals of PFS and our containers operations, and subsequent exit
from the Specialist Services sector, is clear evidence of our
commitment to deliver this strategy.
"I'd like to thank our PFS colleagues for their contribution to
the business and wish them every success for the future."
For further information please contact:
Tim Lawlor, Chief Financial Officer Tel: 01249 710000
Susanna Voyle Tel: 079 8089 4557
Henry Wallers Tel: 078 7656 2436
Jane Glover Tel: 078 8474 2400
Notes to Editors
Wincanton is the largest British third-party logistics (3PL)
company, providing supply chain solutions to some of the world's
most admired companies across a wide range of industries including
retail, construction, defence and energy.
As a trusted and respected business partner, we design and
implement services and solutions that range from setting up and
operating distribution networks, through to bonded warehouses,
technology hosting, container transport and storage. We strive for
operational excellence in everything we do.
We work hard to understand and respond to our customers' needs,
build long-term relationships and use our skills and expertise to
deliver a smarter, added value service, every day. Our customers
rely on us to make their businesses operate more efficiently and to
gain a competitive advantage in their sector.
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(END) Dow Jones Newswires
November 05, 2020 05:00 ET (10:00 GMT)
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