Family-run Monex Group has acquired Lancashire-based Richardson Traction, increasing its fleet size to 170 and its workforce to 260 staff.
Wales-headquartered Monex provides strategic, commercial and financial support for a portfolio of businesses including Monex Logistics, Pike Logistics, Monex Distribution, Monex International and Monex Cranes.
With the latest acquisition, the growing team will look to exceed the group’s turnover of over £37m.
James Howells, group chief executive, said: “We’re thrilled to be able to take Richardson Traction onto the next stage of its journey, with its wide range of services that include Hiab, heavy haulage, and international transport.
“We had been searching for the right opportunity to expand our business into the North West for a number of years and with their established expertise and client base, Richardson Traction was the perfect fit we’d been looking for, and a fantastic addition to the group.”
He added: “Now under the Monex Group banner, we’re looking forward to being able to utilise their well-established reputation for high quality of service to both existing and new partnerships, while also adding in our additional road transport services to the offering.
“Monex was built on a solid foundation, but we all appreciate the world of transport is changing, customer requirements are varying, and we need to continuously evolve and adapt our specialist services to support the growing demands.”
Howells said Monex never took its partnerships for granted and he added: “Not many business owners can say they’re still the logistics partner of choice for customers like Tenneco and Continental, who we’ve been fortunate to service now for five decades.
“That is absolutely testament to the dedication and commitment of the team we have here at Monex.”
Richardson Traction was founded in 1980 by Gary Richardson and then it was managed along with son Wayne.
It operates out of a Thornton base near Blackpool and runs 12 lorries and 16 trailers.
“We are pleased to be part of the Monex Group and looking forward to future growth and opportunities with Monex,” director Wayne Richardson said.
