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Clearway sold in pounds 3m bimbo deal.

Specialist logistics company, Clearway Distribution, has been bought out in a deal worth around pounds 3 million.

The company, which operates a fleet of 90 HGV lorries, servicing a range of blue chip clients throughout the UK, has been acquired in a management buyin/buyout by its existing management team and logistics expert Graham Darnell, backed by Lloyds TSB Commercial Finance in Birmingham Mr Darnell, who has joined the company as chief executive, was supported in the deal by managing director Graham Hodgkins, transport director Nick Lacey, and financial director Nigel Brookbanks.

Established in 1947, Clearway Distribution claims a reputation as one of the leading haulage companies in the UK, with a strong track record for customer service and quality.

The business has an annual turnover of pounds 12 million and employs 170 people at its 128,000 sq ft premises in Nottingham, including more than 100 lorry drivers.

Mr Darnell, who has a wealth of experience in the logistics sector having previously worked for IEC and Science Warehouse as a managing director, said he was looking forward to the challenge of using his 12 years' experience in the industry to drive the business on. 'Through our fundraising process we needed to ensure that our financial structure would allow Clearway to continue to grow as well as providing adequate facilities to give continuity to both customers and staff,' he said.

'The management team and all the employees are very enthusiastic and fully committed to ensuring the continued growth and prosperity of this successful business, whilst continuing to offer and provide the highest level of service to all its customers.'

Funding for the acquisition, which included working capital, was provided by Lloyds TSB Commercial Finance and corporate finance specialists Watersheds.

Shoosmiths in Northampton acted as legal advisers with Haines Watts advising on accounting and tax matters.
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Title Annotation:Business
Publication:The Birmingham Post (England)
Date:Sep 2, 2004
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