Wincanton, Somerset, UK: Logistics provider Wincanton has disposed of its 20% investment in Culina Logistics to Culina Group for £11m.
The investment in Culina resulted from the company merging its chilled consolidation activities in the UK with Culina in March 2009.
Culina provides chilled logistics solutions to the food and drink industry across the UK.
The book value of Wincanton’s investment in Culina, which is accounted for as an associate, is £14.5m and the profit after tax attributable to the company’s investment for the year to 31 March 2011 was £1.2m.
The cash proceeds from the disposal will be used to reduce the Wincanton’s debt. Chief executive Eric Born said: “This is another important step in the reduction of our debt through the disposal of non-core investments and allows us to focus our attention on delivering profitable growth in the UK & Ireland business in the future.”
