The managing director of Moody Logistics has revealed the family firm was most “definitely in” when it came to acquiring an interest in international palletised freight distribution network Pall-Ex.
Caroline Moody said the independent firm based in Cramlington, Northumberland, had no hesitation in joining a consortium of member hauliers to buy the award-winning network from founder, owner and Dragon’s Den star, Hilary Devey CBE.
Contracts have been signed for an undisclosed sum.
Midlands-based Pall-Ex is made up of a network of haulage companies which works cooperatively, allowing customers to send single pallets to part loads quickly and cost effectively.
The regionally based members consolidate palletised goods at their depots and then deliver it to the Pall-Ex transportation hub for onward delivery.
The market-leading network operates throughout the UK, Europe and beyond, moving 30,000 pallets daily. The network operates in a number of countries, including Italy, Spain, Portugal, France, Romania, Poland and Bulgaria.
The business achieved an £85m turnover and last year recorded a profit of £2.5m.
Caroline Moody said: “We are delighted to be part of the network’s membership which has bought this award-winning and innovative business.
“It is a vote of confidence, not only in Moody Logistics’ future ambitions, but in the UK haulage industry to grow Pall-Ex across the UK and Europe.
“Pall-Ex employs 400 people directly in the UK and supports a further 8,000 jobs, so it is a major success story for independent haulage companies up and down the country.
“Pall-Ex provides independent hauliers the ability to build their business across the UK, and internationally, so when the opportunity came for Moody Logistics to acquire shares, we were definitely ‘in’ on this fantastic deal.”
Ms Devey, who started Pall-Ex in 1996, is stepping away from the day-to-day running of the business after almost twenty-five years but she will continue to work with the new owners in an ambassador role to help develop international services and European partner development.
Pall-Ex recently made significant investments across its warehouse, IT and customer service departments.