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2 Nov 2015 07:00
NWF Group plc
Acquisition of Staffordshire Fuels Limited
NWF Group plc (the "Group" or "NWF"), the specialist agricultural and distribution business, is pleased to announce the acquisition of Staffordshire Fuels Limited ("Staffordshire Fuels"), a 32 million litres per year fuel distribution business operating in Staffordshire and the West Midlands. This bolt-on acquisition will increase NWF Fuel's annual volume by 8% and will be earnings enhancing in the first full year.
Staffordshire Fuels was established in 1996, operates a modern fleet of seven tankers and is an approved supplier of Phillips 66 fuel, branded as Jet, based near Stone in Staffordshire.
Staffordshire Fuels will continue to operate as a standalone fuel depot in line with the Group's multi-brand strategy in fuels, with finance and administration being consolidated into existing operations. The acquisition was funded from the Group's existing bank facilities.
Richard Whiting, Chief Executive, NWF Group plc, commented: "We are pleased to announce the acquisition of Staffordshire Fuels, a high quality business with a strong brand. The acquisition is in line with our growth strategy, increases our penetration in Staffordshire and the West Midlands and will be earnings enhancing in the first full year."
For further information please visit www.nwf.co.uk or contact:
Richard Whiting, Chief ExecutiveBrendon Banner, Finance DirectorNWF Group plcTel: 01829 260 260 | Reg Hoare /Andrew Leach / Naomi LaneMHP CommunicationsTel: 020 3128 8100 | Justin Jones / Mike BellPeel Hunt LLP(Nominated Adviser)Tel: 020 7418 8900 |
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