Palletline Logistics said turnover had hit £50m following its acquisition of two distribution firms earlier this year.

The company, which is part of palletised freight network Palletline, now owns nine businesses and employs 450 people across the UK.

In March, it bought the pallet distribution and warehousing elements of Ningbo Palletised Distribution, which trade as Ningbo Wrexham and Ningbo London and revenues have grown as a result.

In 2004, Palletline opened its first wholly owned commercial depot in London, which was a springboard to launching Palletline Logistics and since then, a further eight acquisitions have been completed.

Palletline Logistics MD Paul Elson said: “The growth of Palletline Logistics from five to nine businesses in the past 12 months has been a massive achievement.

“It has been an incredible success, not only forming a strong foundation on which to continue to build in terms of the individual businesses providing a proven formula for further acquisitions whilst at the same time resulting in a significant return both in terms of profitability and turnover.”

As well as the recent Ningbo additions, the transport businesses in Palletline Logistics’ portfolio consist of Mike Watson Transport, ABE Ledbury, S&S Distribution, Fast Forward Distribution, Palletline London, Palletline Whitehead and Palletline Northeast.