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Directors snap up three-time winner of MT Haulier of the Year and set sights on 20% growth for 2022
Expect Distribution seals MBO By Chris Tindall
Expect Distribution has been sold to two of its board members in a management buyout (MBO) the Bradford firm said would ensure business continuation. The transport and warehousing provider was acquired by operations director Andy Taylor (pictured, left) and financial director Matthew Kilner (right), with backing from funder Shawbrook Bank. Current MD and co-founder Neil Rushworth (centre) will remain in his role in the short term and also retain a minority shareholding. Taylor and Kilner joined Expect in 2017 and 2020 respectively and the company said they were central to its growth and profitability.
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Rushworth said: “The board held a strategy meeting in Q1 [2021] and Andy and Matthew expressed some interest in continuing the Expect success story through an MBO, and things
developed pretty quickly. “Over many years we have created a highly respected business, and despite having external suitors who were interested in buying Expect, we found it difficult
to imagine any parties who would understand and run the company with the same ethics and formula.” Expect clients include Boost Drinks, Astonish, and Card Factory, as well as customers in the construction, pharma and automotive sectors. The company was started in 1988 by chairman Robert Rushworth and son Neil, growing from two trucks to a fleet of 140 vehicles with a £40m turnover. Kilner added: “We couldn’t be more excited to be working with our team to achieve and execute the company’s growth plans going forward and we intend to continue that organic growth which will see Expect grow by a projected 15% to 20% in 2022.”
Chill winds hit Reed Boardall performance Temperature-controlled food storage and distribution business Reed Boardall saw pre-tax profit fall by two-thirds last year as the pandemic lockdowns and Brexit created an “extremely challenging environment” that saw food service sector volumes plummet and costs escalate. According to its latest annual results to 31 March 2021, while the company saw turnover rise by 2.1% to £69.8m (2020: £68.4m), its pretax profit fell 65% to £705,393 (2020: £2m). The Yorkshire-based firm runs a fleet of 196 vehicles and employs around 800 staff at its single site in Boroughbridge. “While the group saw higher volumes through its cold store,
there was a decrease in its ancillary blast freezing, picking and packing services due to Covid,” it said. “In addition, Reed Boardall was faced with a fall in expected sales
value growth in its transport division in the face of an extremely challenging environment, with escalating costs proving difficult to recover.”
Owens Group sees profit soar Owens Group has reported a strong trading performance for the latest financial year, underpinned by acquisitions, new contracts and the diversified nature of the business. Pre-tax profit for the period ending 30 June 2021 surged by 132% to £6.1m, while turnover was up 9.3% to £94.9m. In a strategic review the firm said: “The group has good positive cashflow, strong reserves and a
wide-ranging customer base that gives the directors confidence the organisation is well placed to ride out the current situation and manage any economic and operational challenges that may follow.” The purchase of Manchesterbased BTS Haulage back in July 2018 is also continuing to reap dividends, the review added, and the directors have every confidence that its turnover and profitability will continue to increase in the
year to June 2022 and beyond. The review also said the acquisition of Celtic Couriers last June would continue to be an important additional route to market. 17.1.22
