Eddie Stobart has struck a deal to buy the remaining 50 per cent stake in the Logistics People for up to £6m as it reported strong growth in its maiden set of half-year results since floating.
The Warrington-based supply chain and logistics business has acquired the remaining 50 per cent of TLP Holdings, the parent company of the Logistics People, for £5m on completion and up to a further £1m payable by the latest in November 2020 subject to it reaching profit targets. The Logistics People staffing business is headquartered in Kettering.
At the same time, Eddie Stobart has posted a 13 per cent rise in underlying revenues to £286.8m for the six months ending 31 May 2017. Underlying EBIT increased by 14 per cent to £16.9m over the same period.
Eddie Stobart completed an initial public offering on AIM in April 2017. It acquired iForce Group in April 2017 and then bought a stake in Speedy Freight in July.