Burton on Trent, Staffordshire, UK: EV Cargo Logistics, part of EV Cargo, is buying the core chilled logistics assets and operations of NFT Distribution, which is also owned by EV Cargo. The purchase is understood to exclude NFT’s Tilbury distribution centre.
EV Cargo Logistics was only incorporated on 3 December 2019. On its website it claims: “We offer the most comprehensive chilled distribution network in the UK. We’re the leading provider of time-critical and temperature-controlled logistics solutions.”
According to press coverage, EV Cargo Logistics is acquiring NFT’s operations at depots in Alfreton, Amesbury, Anglesey, Bristol, Daventry, Evesham, Penrith, Rochdale and St Albans. Around 2,000 employees will be transferring from NFT to EV Cargo Logistics.
There are reports that the Tilbury operation will be bought by two existing customers of NFT Distribution on the Tilbury site.
NFT Distribution was acquired by investment firm EmergeVest in 2014. In 2018 EmergeVest created EV Cargo by bringing together its six acquisitions in the UK market – Adjuno, Allport Cargo Services, CM Downton, Jigsaw, NFT and Palletforce – into a single structure.
NFT Distribution Holdings made a pre-tax loss of £30.8m for the 18 months ending 29 September 2018.
Sky News reported last month that NFT Distribution was undertaking “a strategic review of its business” to reposition itself for the future. That included putting itself up for sale.
“The company has concluded that it is appropriate to explore what interest may exist in the business,” said Duncan Eyre, chief executive, EV Cargo Logistics, speaking at the time.
Global Cold Chain News approached EV Cargo for a comment but has so far not received a response.
