Logistics company CM Downton has bought C&H (Hauliers) out of administration, saving 180 jobs. The buyer, which is headquartered at Morten Valence in Gloucestershire, confirmed the purchase of the 23m-turnover business and will take over all operations immediately. C&H’s parent company, the Charles Gee Group, collapsed on Monday 21 October when Geoff Rowley, Andrew Sheridan and Phil Armstrong partners of restructuring specialist FRP Advisory were appointed joint administrators.
Phil Armstrong, partner at FRP Advisory and joint administrator, said: “We are delighted to have found a new home in C M Downton for the business of C&H, its staff and its array of loyal customers. For more than 50 years C&H has transported core parts to Britain’s manufacturing base and its services have been integral to their success that continuity of service is now secured under new ownership.” Under the terms of the agreement, a total of 180 jobs at the 23m-turnover haulage business will be retained. CM Downton will also acquire 130 tractor units and 250 trailers and take over all of C&H (Hauliers) operations, effective immediately.
Andrew Downton, managing director at CM Downton, said: “The Downton Group has been looking to expand its business through either acquisition or mergers, and the C&H business was a perfect match. We both work in the same sectors in particular with paper and publishing clients and there are synergies for both businesses that made the deal a no-brainer.” Founded in 1955 by Conrad Michael Downton, CM Downton is now run by his children Andrew, Richard, John and Kate. It has 11 distribution hubs across the UK and a number of high-profile clients such as Dyson, News International and Pets at Home.
Original source: Insider Media Limited 1 28.10.2013 References ^ Insider Media Limited (www.insidermedia.com)