Corporate Group advises on Hargreaves sale of Imperial TankersPrint news article
Corporate lawyers at Walker Morris have advised Hargreaves Services plc on the sale of Imperial Tankers Limited to Suttons Transport Group in a £26.9 million deal.
Hargreaves is the UK’s leading supplier of solid fuels and bulk material logistics. The disposal is the first step in implementing a new strategy to focus the Group on its core strengths, simplify operations and ensure the business is optimally placed to respond to changes in market conditions.
Imperial has been part of the Hargreaves Group since it was acquired in 2007 for £6.3 million. The tanker operation has grown steadily under Hargreaves’ ownership and has been consistently profitable. However it currently offers limited synergies with other operations and now falls outside the Hargreaves’ core activities. The business unit will be sold inclusive of cash balances of £1.6m and £2.7m of asset finance debt, resulting in an effective enterprise value and reduction in overall net debt of £28.1m.
Commenting on the disposal, Gordon Banham, CEO of Hargreaves, said:
“Imperial Tankers is a quality business and I would like to commend and thank the staff and management for their hard work and commitment in developing Imperial into one of the strongest tanker brands in the country.”
John Hamer who led the team at Walker Morris said:
“Having acted on Hargreaves’ acquisition of Imperial Tankers in 2007 it is pleasing to have been able to assist Hargreaves in achieving a successful sale of Imperial as part of the Group’s stated objective of refocusing its activities.”
The Walker Morris multi-disciplinary team included Judith Pike and Peter Considine.