UK transport company Rico has a majority shareholding in Circle Express, one of the largest independent delivery networks in Britain.
According to Rico, the day-to-day operations and management at Circle Express will not change, yet upper management will have a new reporting structure into Rico.
Specialising in handling airfreight, Circle Express has an annual turnover in excess of £29 million (€38 million) and can draw on a fleet of 300 vehicles operating out of eight depots across the UK.
It is also the only UK operator fully licensed to transport all classes of hazardous materials, including firearms and ammunition, as well as radioactive, toxic, flammable, corrosive and explosive material.
Tom Ryan, Circle Express Managing Director, said, “This great opportunity will give Circle the financial backing and work collaboration opportunities to move forward and strengthen its position in our industry.
Rico’s global CEO, Sam Sharma, added, “We are proud to bring Circle Express into the Rico business, as it’s a fantastic opportunity to expand our same-day capability, generating higher premium services across the UK.
“This acquisition will bring us some more depots to add to our existing 48 same-day depots across the country and builds our larger vehicle and trunking capacity within our operations.”
With revenues of £100 million (€132 million), Rico is part of TVS, an international logistics group with $10 billion (€9.2 billion) annual revenues that employs more than 30,000 people worldwide.