Published at 07:58, Tuesday, 19 June 2012

Cumbrian haulage giant Stobart Group is entering the car transport business with the purchase of logistics business Autologic Holdings in a deal worth £12.4m.

It is the latest in a series of expansions that has seen the firm diversify into property, airport ownership and legal services.

Autologic has its headquarters in Northampton and sites nationwide as well as operations in Belgium, the Netherlands and the Czech Republic.

The firm, which was founded in 1996 and floated a year later, provides services such as vehicle storage and transportation, and paint and accident repairs. It posted revenues of £144.7m during 2011, generating pre-tax profits of £2.1m.

Stobart Group says Autologic will benefit from the its buying power in relation to new vehicles, maintenance, parts and insurance. It also wants to see Autologic to expand further into European markets.

Stobart chief executive Andrew Tinkler said: “Autologic is an excellent fit with our group strategy to expand into complementary service offerings, and it will facilitate our entry into the auto-logistics market in a leading position.

“We expect to be able to drive substantial synergies and efficiencies from improved fleet utilisation, vehicle buying and maintenance, which will benefit our customers and drive value for our shareholders. “We also see opportunities to expand Autologic's presence in Europe where we have a growing presence.”

Published by http://www.in-cumbria.com