Knights of Old and Mainland Group are to merge, creating a group with annual turnover approaching £50m.
Kettering-based Knights of Old will integrate Northampton-based Mainland into its operations during 2012, creating a Knights-branded group with 200 trucks, 225 trailers, 400 staff and 200,000ft2 of warehousing.
Ian Beattie, MD of Knights of Old, says: “The group will be better placed for growth and progression in what is a very competitive market. We have combined resources such as knowledge, equipment and facilities that will help the group reach the next level.”
Mike Bacon, MD of Mainland, will assume the role of commercial director at the enlarged group, with Paul Abbott, operations director at Knights of Old, becoming group logistics director.
Knights of Old will retain Mainland’s Northampton base as its fifth depot.
Bacon says: “Mainland Group and Knights of Old joining forces is a logical move for all involved...it will create new opportunities for us which would not previously have been possible.”
Mainland Group made a pre-tax profit of £667,959 (2010: £311,824) in the year to 31 January from turnover of £6.6m (2010 : £5.8m). Net debt for the period stood at £2.5m (£2.8m).
Its sister company, Mainland Express, owner of European groupage specialist Eurocontinental, is included in the deal. It had turnover of £7.6m (20102: £6.5m) in the year ended 31 January and made a pre-tax profit of £717,356 (2010: £328,778). Net debt for the period stood at £2.4m (2010: £2.7m).
Knights of Old’s turnover in the year ended May 2010 was £26m and the firm made a pre-tax profit of £1.2m, although it says it has increased turnover since it last posted results at Companies House with a number of contract wins.
Knights of Old is a Palletforce member and Mainland is part of the Pall-Ex network. Both operations will continue for now.
