Palletways UK has purchased longtime haulier member Systematic Logistics International (SLi) after it was placed into administration yesterday (29 November).
A sale of the business assets of the Colchester-based firm, described as having been a member of the network for 24 years, was completed by Palletways UK today (30 November).
Barry Byers, network development director at Palletways, said: “Over many years, the staff at SLi have played an invaluable role in the success of Palletways in south-east England.
“We are delighted to acquire SLi with its highly motivated workforce and are now working with the staff and customers to take the business from strength-to-strength.”
Staff at SLi will continue in their existing roles and duties following the deal.
Richard Triolo, former CEO at SLi, said: “I would like to thank the staff and customers for their loyalty, commitment and contribution and to both SLi, Palletways and myself.
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“I have thoroughly enjoyed the last 25 years developing SLi, but it is now time for me to move onto a new chapter.
"The acquisition of the company by Palletways UK leaves the company in experienced hands and with a positive future.”
In the year ended 31 August 2017, its most recently published accounts, the haulier had an annual turnover of £10.5m (2017: £10.9m). It also made a loss of £572,529 in the same period (2016: loss of £191,266).
