AN EVESHAM-based haulage and distribution business has completed a management buyout with support from HSBC UK, paving the way for the company’s fast expansion.
Superior Freight has used a six-figure funding package to fund the purchase of 80 per cent of the shares from the company’s inactive shareholders, giving managing director Andrew Johns sole ownership.
Turnover is expected to increase to almost £3million while the company has also been able to raise its employees’ wages and is planning to hire six more staff members from the local area in the next year.
“After managing the company from inception, I’m so proud to now own Superior Freight,” Mr Johns said.
“After just a few weeks, I’ve already been able to take on game-changing new customer deals and I’m looking forward to being able to grow the business to its full potential.
“I’d also like to extend my thanks to Charlotte Thornton-Smith of Harrison Clark Rickerbys for providing legal support, and Ballards LLP for helping to facilitate the deal.”
Formed in 2018, Superior Freight is a general haulage company which serves areas across the West Midlands and operates nationally, providing full loads, part loads, and additional services such as storage and warehousing from its 40,000 sq. ft site in Honeybourne.
The business is part of the Fortec Distribution Network, one of the UK’s leading palletised freight distribution networks.
Mark Lupton, area director at HSBC UK, added: “This is a real life-changing moment for Andrew, who has built the business up and created a company known for its first-class reliability and service.
“HSBC UK is passionate about supporting small businesses in the West Midlands so we’re excited to see Superior Freight expand under Andrew’s ownership, leading to the creation of new jobs in the local area.”
