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Gloystarne rides New Wave
Page 7
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• Milton Keynes-based New Wave Logistics has bought troubled Rotherham operator Gloystarne from administrators Ernst & Young for an undisclosed sum.
The warehousing and distribution operator went into administration at the end of February due to a cash crisis. Last week, it lost one of its contracts in South Wales, with rival hauliers seemingly poised to steal more work from the ailing firm (CM 3-9 April).
Both New Wave and French haulier Norbert Dentressangle had been rumoured to be interested in Gloystarne, but until this week's announcement it was unclear whether a buyer would be found in time.
However, Malcolm Wilson, managing director of New Wave Logistics, says: "I am pleased with this acquisition, which fits in with our strategic plans to develop a quality customer base in the grocery and food sector.
"We will use our expertise to fully integrate the company, and have secured agreements with all key customers as we prepare to drive the business forward," he says.
One local rival who was in talks to take over some of Gloystame's work says the sale has put a stop to its negotiations, but adds: "There might be things that come out of it anyway if New Wave decides it needs to put up rates. We just don't know at the moment."
New Wave has taken on around 100 of Gicystarne's trucks, and is promising to invest over ,Dm in new equipment during the next year.