Widnes-based Suttons Tankers is on the look-out for further acquisitions as it gears up its growth plans, according to MD Michael Cundy.
Speaking to motortransport.co.uk, Cundy said Suttons Tankers’ most recent acquisition of DHL Supply Chain’s bulk chemical business, which it bought for £3.8m in April last year, will play a key role in boosting turnover this year, along with new business from Suttons Tankers’ existing clients.
He added: “We have a clear growth agenda and we are actively looking to grow the tanker business, be that through acquisition or through organic growth.”
The deal with DHL Supply Chain saw Suttons Tankers acquire DHL’s chemical transportation operation which was run from sites in Billingham, County Durham and Runcorn.
Cundy said the integration of the new business had gone well with the DHL business now operating under the Suttons Tankers brand and successfully integrated into the company’s operating system.
Read more
- Suttons Tankers wins contract renewal with waste recycling firm Tradebe
- Suttons Tankers buys DHL Supply Chain’s bulk chemical business
- Suttons Tankers bolsters management team; profit up as turnover falls in latest results
He added: “We transferred DHL’s employees to our Stockton depot where the staff have integrated really well and we have retained all of the major key accounts that came with the business.
“The acquisition has also given us the opportunity to develop in a range of sectors that previously we did not have a strong presence in.”
The company is also continuing to invest in its fleet which numbers around 500 tractors and 750 tanks. In the past year the company has taken delivery of 132 new tractors and 45 tanks.
Cundy was speaking in the week after the company published its latest annual results for the year to 30 April 2019.
The results revealed a recovery in turnover in the period, which rose to £72.2m, after falling 14% in the previous year from £81.6m to £70m.
Pre-tax profit leapt to £3.9m (2018: £1.4m) boosted by exceptional income created by waiving an intercompany debt of £1.6m and crediting it to the profit and loss account.
