The sale of NFT Distribution Operations to EV Cargo Logistics does not include the firm’s Tilbury refrigerated distribution centre, it has emerged.
MT understands that the Tilbury DC and its operations will be taken over by two customers of NFT Distribution Operations that are on the Tilbury site.
It is not clear if the transaction, which has yet to be finalised, will involve any redundancies.
The sale effectively sees EV Cargo, which owns both companies, transfer NFT Distribution Operations to its division EV Cargo Logistics.
The deal follows an open sale process launched by EV Cargo late last year, which an industry source said attracted “quite a few bidders".
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- EV Cargo Logistics buys ‘specific assets and operations’ of NFT Distribution
- NFT Distribution up for sale as pre-tax losses mount to over £30m
- Ross Eggleton leaves chief executive role at NFT; joint MDs appointed
The sale came after NFT Distribution Operations, which has Sainsbury’s as one of its major customers, reported losses of over £30m in the year to 31 December 2018. This was followed by the resignation of joint MD Mel Brockhouse.
The deal sees EV Cargo Logistics acquire NFT Distribution Operations primary and secondary chilled logistics services which operate from depots at Alfreton, Amesbury, Anglesey, Bristol, Crick, Daventry, Evesham, Penrith, Rochdale and St Albans.
The company said “almost all” of its near 2,000-strong staff will move across to EV Cargo Logistics.
Duncan Eyre, EV Cargo Logistics chief executive, said: “We are pleased to announce the acquisition of NFT’s core operations, which we see as operationally solid and fit for future growth. EV Cargo Logistics is committed to delivering continuity of service to our customers. I would like to thank customers and colleagues for their support and welcome them to a bright future with EV Cargo Logistics.”
