Connect Group has completed its takeover of Tuffnells Parcels Express, with the deal first revealed last month. Tuffnells, known for its Big Green Parcel Machine brand, has been acquired for an initial consideration of £113.4m, according to a statement released to the City earlier. Subject to performance targets being met and continuing employment for up to three years, a further payment of as much as £15.3m will be made to “Tuffnell management and option sellers”, Connect added. Mark Cashmore, group […]
Tuffnells Parcels Express has been acquired by newspaper and magazine distributor Connect Group for £113.4m.
Tuffnells Parcels Express contributed £114m of revenue and £9.7m of operating profit to its new owner Connect Group in the year to the end of August, group chief executive Mark Cashmore has revealed.