Food and fuel distributor NWF has acquired Evesons Fuels for £3.3 million.
Food and fuel distributor NWF has acquired Evesons Fuels for £3.3 million.
The acquisition, which is to be funded from NWF’s existing cash resources and finance facility, is predicted to be earnings enhancing in the first year.
Richard Whiting, chief executive, comments: ‘Following the acquisition, NWF Fuels will deliver over 430 million litres of fuel to over 30,000 customers from 17 sites across the UK.’
Under the terms of the deal, NWF will also assume responsibility for the Evesons pension scheme, which is closed to new members.
Warwickshire-based Evesons is a fuel distribution company operating from four sites across England with a fleet of 21 tankers. It has a turnover of £51.8 million.
NWF intends to integrate the company into its existing 13 depot structure and retain the Evesons brand.
Cheshire-based NWF is a distributor of food, feeds and fuel for customers including Texaco. In the year to May 2010, NWF declared a pre-tax profit of £7.1 million on a turnover of £379.8 million.
