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 chief executive of Connect Group, said: "The acquisition of Tuffnells, which completes today, represents a key strategic step for the Connect Group.

“ Complementing our core skills and competences in time sensitive distribution with high levels of service and efficiency, Tuffnells not only adds value to our organic revenue growth potential, it also offers attractive diversification opportunities in the growth market of specialist distribution.

“With a proven track record, we expect the transaction to create significant value for our shareholders and to support our progressive dividend policy."

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