A £6m-turnover North Yorkshire transport company which works with the likes of McCain Foods and Pindar Print has acquired a York haulage business as part of its growth and service strategy.
TEF Transport, based in Scarborough, has bought Millfield Haulage, adding clients, staff and storage capacity to its UK-wide operation.
Andy and Linda Mclaughlin, owners of TEF Transport, were advised by North Yorkshire accountancy firm JWP Creers, with legal support from the commercial team at Harrowells Solicitors, York, in the deal funded by HSBC.
Founded in 1975, TEF Transport had only three vehicles and trailers when it was acquired by Andy Mclaughlin, a former driver and transport manager at the company, and his wife Linda, who was previously with Yorkshire Bank in York, in 2005.
Now the business, which is among only a handful in Yorkshire to have British Retail Consortium accreditation, has 40 vehicles, 60 trailers and a multi-million pound, purpose-built logistics depot, with a 50,000 sq ft warehouse, built in 2008.
TEF, which has 65 staff and a £6m turnover, supports manufacturers, including market leaders, McCain Foods and Pindar Print, Scarborough and Rolawn Turf, York, as well as smaller operations and is also a member shareholder of the Palletforce pallet network which delivers smaller consignments throughout the UK and into Europe.
Millfield Haulage, which was offered for sale due to the retirement of the previous owner, has 20 staff, a 40,000 sq ft warehouse and an annual turnover of about £2m.
Andy Mclaughlin said: "The two companies have a lot in common, including some shared customers. Although, in haulage terms, York is quite close to Scarborough, Millfield will bring will bring massive benefits to our operation in terms of vehicle utilisation, reducing empty running for vehicles and additional warehousing."
Two other TEF Transport directors, Dave Beckett and Marc Crosbie, have also acquired small stakes in Millfield Haulage.
JWP Creers corporate finance partner Tony Farmer, who worked on the deal with corporate finance manager Nick Barker, said: "TEF is a very well-run, fast growing business and this acquisition will see it go from strength to strength."
Harrowells partner Philip Lewis Ogden added: "Efficient transportation is crucial to delivering economic growth and we’re pleased that TEF is continuing to expand."
PHOTO (l to r):Harrowells Solicitors commercial division partner, Philip Lewis-Ogden; TEF Transport director, Marc Crosbie; TEF Transport managing director, Andy McLaughlin; TEF Transport director, Linda McLaughlin; TEF Transport director, Dave Beckett; Harrowells Solicitors, commercial division partner, Susie Mortonson; JWPCreers corporate finance partner, Tony Farmer, Harrowells Solicitors commercial division solicitor, Matthew Rowley and JWPCreers corporate finance team senior manager, Nick Barker.