Polar Speed

UPS has acquired temperature-controlled operator Polar Speed for an undisclosed sum.

The Leighton Buzzard-based operator, which runs a mixture of 118 temperature-controlled HGVs and vans for customers in the pharmaceutical sector, has been added to UPS's healthcare operation across Europe.

UPS Europe president Cindy Miller said: "Polar Speed is an excellent strategic and operational fit for UPS because of its focus on quality assurance, compliance, technology and monitoring solutions to protect high-value and sensitive pharmaceuticals during storage and transportation."

Polar Speed MD Richard Holmes said: "Our organisation is extremely excited to join forces with UPS.

"We will continue to provide high-quality service to our customers, and at the same time provide our employees opportunities to help build on the growth momentum UPS has realised in the healthcare market."

The acquisition takes the number of warehouses in Europe operated by UPS's healthcare business to 45. The division provides regional consolidation and distribution for the pharmaceutical sector.

Polar Speed saw its turnover fall to £15m in the financial year ending 31 March 2013, from £19.6m in the previous financial year. Pre-tax profit also fell in the period, from £1m to £346,274.