Connect Group, formerly Smiths News, has acquired Tuffnells Parcel Express for £113.4 million. Tuffnells has a fleet of some 900 vehicles operating from 34 depots throughout the UK and making 10 million deliveries a year for 4,200 customers. The business had sales of £138.5 million in its financial year to end August 2014. Connect Group has been broadening its distribution activities beyond its core markets and this acquisition will enable it to accelerate its plans.
Commenting on the move, Mark Cashmoer, group chief executive of Connect said ” We are delighted to be announcing the acquisition of Tuffnells which we believe offers significant strategic and commercial opportunities for the enlarged group. The addition of Tuffnells will see us broaden our reach into an area of specialist distribution which complements our core skills and competences of time sensitive distribution with high levels of service and efficiency.”
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