Football boss nets £19.2m for Hargreaves
Page 18

If you've noticed an error in this article please click here to report it so we can fix it.
NEWCASTLE UNITED FC's honorary president Bob Young has sold his haulage company for £19.2m. Young, who founded the bulk haulier Hargreaves in 1994 and was its sole owner, sold out to a management team led by chief executive Gordon Banham and financial director Peter Dillon. With 300 vehicles Hargreaves already claims to be the country's
biggest independent bulk haulier; its new owners are aiming for further growth.
Young has agreed to stay on as a director for three years.
Dillon says: "He is 58, he has worked damned hard all his life, and it now suits him to become non-executive." The new team plans to expand both by getting new contracts and
buying other businesses.
Hargreaves has three areas of operation: bulk haulage; waste haulage, which it regards as an expanding market; and the sale of coal, coke and other carbon fuels.
Its headquarters are in Ash Winning, Co Durham and turnover in the year to 31 May 2003 was £62m with an operating profit of just under £1.9m.