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Turners builds up by acquiring atitil
Page 6
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East Anglia's Turners (Soham) has started the year with the purchase
of respected bulk powder distributor CRW. Chris Tindall reports.
FAMILY-RUN haulage company Turners (Soham) has boosted its presence in the building materials industry with the purchase of bulk powder specialist CRW for a rumoured £7m.
Turners' MD, Paul Day, says the acquisition, which went through earlier this month, was a natural fit for its business; it already runs 400 tankers in this sector. CRW operates 150 vehicles and will help the East Anglian haulier expand into the building materials industry.
However, Day says it has no intention to rebrand CRW under the Turners livery and is content for the moment to allow the company to continue as it has been: "CRW is a very respected firm; we saw it as a good fit and a good company to buy," Day explains. "We will obviously review the company over the coming weeks and make sure customers' requirements continue to be met as well as put theTurners' stamp on it, but we don't intend to rehrand.
"We're pleased with how CRW is run and don't want to radically alter anything."
Day stresses that there should be no redundancies following the move, and over time there may be opportunities for more driving jobs at the firm. He adds that he has known CRW's owner, Adrian Wilmott, for a number of years and that Wilrnott has now decided to concentrate on his other business interests. Day declines to reveal the cost of the purchase, though rumours suggest it was in the region of E7m.
Turners (Soham) Group increased its turnover by 9% to £132.2m in its last set of accounts. Its pre-tax profits increased by a similar proportion to £17.5m (CM 9 November 2006).