Our client Regional Express has sold the business to Xpediator (Delemode) for just over £2m.
Xpediator, which operates freight services under the Delamode brand, is to buy Southampton freight forwarder Regional Express for just over £2m.
Regional Express has two lines of business: global air and sea freight forwarding freight forwarding; and e-commerce, including VAT registration, customs clearance and air and sea transport from the US and Far East into the UK for Amazon sellers. It also recently established a UK team to develop the same concept from the UK to the US.
In the financial year ending March 2017, it generated revenue of £6m, an adjusted operating profit of £305,000 and a net profit of £198,000.
Regional founder Eric Buggy said: ““Regional Express has grown impressively in recent years, but we recognised we needed to share a larger platform to maintain this growth.
Steve Wyeth, Director of SDW commented on the sale “Having worked with Regional Express since its inception, and having previously worked with Eric Buggy the Founder & Managing Director or Regional Express for a number of years at his previous employer, the team at SDW are delighted to hear of this successful sale.” Steve continued “Eric and his team have built a great business in a short period of time. Eric is well known within the industry and is a true freight forwarding professional, with clear entrepreneurial flair and he is always a pleasure to speak to and recruit for – a big congratulations to Eric & his team.”
The full article can be read on Loadstar by clicking here