Brian Yeardley Continental

Gefco gets back on track after cutting Russian ties

International logistics firm Gefco has described how its global business became “exceedingly difficult” following the invasion of Ukraine by Russia, due to its association and links with state-owned rail firm Russian Railways.

The haulage and shipping giant said its ultimate parent undertaking was placed under sanction controls on 24 March by the US, EU and UK authorities after the illegal invasion.

Gefco UK said the authorities agreed that these sanctions should not impact upon its business, because it is an independently run company registered in France and

Photo: Shutterstock so the UK government’s Treasury issued it with a “licence for Continuation of Business”.

But in its accounts for the year ending 31 December 2021, the company said: “Despite this clarification, conducting our daily business with our worldwide customers and business partners became exceedingly difficult due to our shareholding structure.

“As a result of these difficulties, Gefco’s management board and Gefco’s supervisory board decided to buy back Russian Railways’ 75% stake in the group. The buyback was completed on 6 April 2022.”

Its immediate parent company, Gefco SA, then sold these shares to Ceva Logistics parent company CMA CGM Group and it went on to acquire the remaining 25% on 8 April.

The Continuation of Business licence was revoked on 12 April as Gefco was no longer deemed sanctioned by association.

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Brian Yeardley strikes right note

The wheels kept on rolling for Brian Yeardley Continental in 2021, aided by a return to the stage for bands and artists keen to get back on the road and perform.

The company increased turnover by 3.4% to £10.9m in the year ending 31 December 2021.

Pre-tax profit increased by 17.6% during the period to £809,000.

Brian Yeardley Continental is split into two divisions; a UK and European general haulage and groupage logistics side and a UK and European live events division.

The events division reported revenues of £1.3m in 2021. This was down on 2020’s £1.4m, but the company pointed out that £1m of that was attributable to preCovid activities.

The haulier entered into a company voluntary arrangement (CVA) in 2020 after turnover plummeted by 60% during the pandemic and it provides that creditors receive a minimum payment of 28p in the pound.

Excellent service, very friendly staff and value for money. Definitely recommend

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