Jack Richards & Son of Fakenham joins forces with Turners creating transport business with turnover of £475 million
Hauliers Jack Richards & Son, based in Fakenham, has joined forces with another major East Anglian transport firm which has bought 80 per cent of its shares.
The purchase of shares by Turners (Soham) Ltd means that the deal brings together two privately-owned family businesses creating a combined fleet of more than 2,200 units and 3,700 trailers, making it one of the largest businesses of its kind in the UK.
The acquisition positions the Turners Group in the top 15 road transport companies in the UK, with a projected turnover of £475 million in 2019. There will be no immediate change to the name Jack Richards & Son and the existing board of directors will remain in place.
With Jack Richards & Son, the Turners Group will be able to provide an extensive haulage offering of curtain-side trailers, temperature-controlled units, tankers, containers and warehousing operating across 38 sites in the UK.
Paul Day, managing director of Turners and Anthony and Lisa Richards, directors of Jack Richards and Son, said they were "delighted" with the agreement between the two companies.
Lisa Richards, director of Jack Richards & Son, said: "We are delighted to announce that we have joined forces with Turners. It’s a natural fit; as two East Anglian haulage businesses with a similar heritage, we share the same core values. Both companies have built a reputation on reliability and exemplary customer service. This partnership will secure our future as a leading road transport business in the UK.
“In a time of economic uncertainty, our industry is venturing into unknown territory, but this investment from Turners puts us in the strongest possible position to maximise the opportunities ahead.”
Turners was founded in 1930 by brothers Wallace and Frank Turner. Wallace was friends with Jack Richards & Son founder, Jack, when he set up the business in 1956. Today, the company is run by Wallace’s grandson Paul Day, managing director for the Turners Group.
He said: “I am absolutely delighted that Jack Richards & Son has joined the Turners family. We share the same vision for growth, innovation and world-class customer service. By adding a curtain-side fleet to our offering, we now have a very comprehensive package to offer customers. The connection between the two companies dates all the way back to the '50s when our grandfathers were friends, so it feels like we were destined to come together.
“Jack Richards represents a new venture for the Turners Group as it expands into the general haulage sector. It is probably the most competitive sector within the transport industry, so it was important for us to find an outstanding business with which to develop in this market.
"It’s rare to have the opportunity to buy a well-managed, efficient company. Jack Richards has exceptional leaders, coupled with loyalty from its staff and customers. Turners will do everything it can to retain these strengths and to support the company in its future growth, continuing its success.”
Jack Richards' MD Peter Brown said: "I am really excited about the chapter ahead for our business. In 2015, we set out a five-year succession plan for our senior management whereby Lisa Richards will succeed me as MD at the point of my retirement in 2021. This is still our vision, and the partnership with Turners reinforces that. Over the next two years, I will be working closely with Lisa and Paul Day to ensure the business continues to grow and be a success.”
Chairman Anthony Richards said: "This deal protects the future of the company and all our staff. We are excited about working with Paul Day and feel very optimistic about the future of the company.”
More by this authorJulie Graham, Business Editor