Circle Express acquisition target enters liquidation

Circle Express managing director Tom Ryan has revealed that one of the airfreight forwarder's potential acquisition targets has entered liquidation.

In January, Ryan told Roadtransport.com that Circle Express was looking to make up to three acquisitions during 2009, with two already at an advanced stage.

Speaking to Roadtransport.com today, he says: "One of the two has now entered liquidation. I'd rather not reveal the name of the firm but some of that company's customer base has transferred over to us naturally, as we did do work with the firm."

"The other acquisition target is based in Scotland and is taking slightly longer to complete than we'd originally planned. The due diligence is done so we hope to complete in mid-August."

With its base at London Heathrow, Circle Express has seven other airport depots across the UK: Bristol, Birmingham, East Midlands, Exeter, Glasgow, Leeds Bradford and Manchester.