Turners (Soham) has purchased 80% of haulier Jack Richards & Son, in a move that sees it enter the general haulage market for the first time.
The deal brings together two privately-owned family businesses creating a combined fleet of more than 2,100 vehicles and 3,500 trailers.
Together with Jack Richards & Son, the Turners Group will provide an extensive haulage offering of curtain-side trailers, temperature-controlled units, tankers, containers and warehousing operating across 38 sites in the UK.
Turners Group now employs more than 4,000 people.
Lisa Richards, director at Jack Richards & Son, said: "We are delighted to announce that we have joined forces with Turners.
Read more
- Jack Richards & Sons sees year of growth but sounds note of caution
- Turners (Soham) takes delivery of 800th DAF FTP mid-lift tractor
- Turners (Soham) takes 30% stake in Dowse Haulage, cementing partnership
“It’s a natural fit; two East Anglian-based haulage businesses with a similar heritage, which share the same core values.
"Both companies have built a reputation for reliability and exemplary customer service. This partnership will secure our future as a leading road transport business in the UK.”
Paul Day, MD at the Turners Group, said: “I am absolutely delighted that Jack Richards & Son has joined the Turners family.
“We share the same vision for growth, innovation and world class customer service. By adding a curtain-side fleet to our offering, we now have a very comprehensive package to offer customers,” he said.
Day added: “Jack Richards represents a new venture for the Turners Group as it enters the general haulage sector.
“It is probably the most competitive sector within the transport industry and it was vitally important we found a quality business to enter this market.
"It’s rare to find such an opportunity to buy an efficient, well-managed company.
“Jack Richards has exceptional people and loyalty from its staff and customers. Turners will do everything it can to retain these strengths and provide support to help the company build further growth to continue its successful history.”
Turners Group said the acquisition would give it a projected annual turnover of £475m in 2019. The group was listed at number 18 with a turnover of £390m in last year’s Motor Transport Top 100.
The leadership team
Under the terms of the deal there will be no immediate change to the name Jack Richards & Son and the existing board of directors will remain in place.
Anthony Richards and Lisa Richards will each retain a 10% shareholding in the business and will continue to be a huge part of the company, the companies said in a statement.
Peter Brown, MD at Jack Richards & Son, said: “I am really excited about the chapter ahead for our business.
"In 2015, we set out a five-year succession plan for our senior management: where Lisa Richards succeeds me as MD at the point of my retirement in 2021.
“This is still our vision and the partnership with Turners reinforces that. Over the next two years, I will be working closely with Lisa and Paul Day to ensure the business continues to grow and be a success.”
