Simarco, one of the UK s leading independent freight firms, has acquired Staffordshire-based operator, IFB, for an undisclosed sum. The deal is the latest stage in an expansion which has already seen Simarco grow its turnover, client base and overseas services. All three of IFB s directors will remain with the business.
Simarco was advised on the deal both by a team from the Ipswich office of accountants Ensors led by David Scrivener and assisted by Neil Meekings and Sophie Goulding and by lawyers from Birkett Long solicitors, led by David Wisbey, a partner in the Commercial and Corporate Finance Team, and aided by Tim Ogle, head of firm s Employment team. Simarco founder and managing director, Simon Reed, said the acquisition was a bold statement of intent to develop business and improve standards in the domestic freight industry. This is the right deal because it allows two established, award-winning companies with a similar approach to doing business to complement one another and fully realise their combined potential.
Just like Simarco, IFB has a capable and fully-committed staff and places great emphasis on customer service. Whereas we have a greater presence across the south of England, IFB is stronger in the Midlands and the North. Together, we can deliver a more complete and more efficient coverage of the entire country.
Given the solid foundation which both firms have, this deal will enable us to press on with plans to make our business a real force in the British freight sector with real benefits for those clients that we serve, wherever they may be. News of the IFB deal comes only weeks after Simarco revealed that its turnover had risen by just over 10 per cent during the last financial year. Reed said much additional business had been generated in the last six months as retail, automotive and manufacturing firms all increased exports.
He also predicted that significant strategic investments in personnel and equipment promised to propel turnover even higher in the years to come. Simarco began trading in 1997 and operates extensive overland routes throughout northern and southern Europe as well as further services by sea and air outside the Continent. It has its head office at Witham in Essex, as well as sites at Liverpool, Barton-under-Needwood, Bury and Wellingborough.
The acquisition of IFB takes the Simarco group s combined turnover to more than 35 million and comes as the Midlands firm celebrates 30 years of handling distribution by road, sea and air from a base at a 45,000 sq ft facility in Stoke.