Bank Supports Buy-Out At Lincolnshire Haulage Firm
Management at one of Lincolnshire’s longest established haulage firms have successfully completed a buy-out, safeguarding the future of the business and more than 50 jobs.
Alford Traffic Services, established in 1976, has been purchased by Will Peck and Mike Limb, with funding support provided by Clydesdale Bank. The deal was arranged by David Burgess, Business Development Manager at the Bank’s Business and Private Banking Centre in Lincoln.
Will and Mike, both transport managers at Alford Traffic Services, joined the company in 2004 and 2008 respectively. They made the acquisition to ensure the company remained under the control of people who knew it inside-out after owners, Alison Randall and Jonathan Graves, decided to sell.
The funding support from Clydesdale Bank has also allowed the company to upgrade its fleet of 34 vehicles. It has recently taken delivery of three new Mercedes Actros cabs, which will be joined by three further Scania R models in September.
Alford Traffic Services directly employs 40 people, 35 drivers and five office support staff, as well as ten full-time sub-contractors across it’s depots in Lincoln and Goole. The bulk haulage specialists carry grain and aggregate across the region and throughout the UK.
The company also has the contract to deliver biomass wood pellet fuel to Drax power station in North Yorkshire.
Mike Limb, managing director of Alford Traffic Services, said: “Will and I are proud to have completed the purchase of a thriving business which we have both helped grow over the years. The completion of this deal allows us to consolidate the business and plan for the future from a solid footing.”
The purchase was completed after the company switched its banking to Clydesdale Bank.
Matt Smith, head of transport at Clydesdale Bank, said: “It’s great to work with and be able to support a successful business like Alford Traffic Services. This management buy-out secures a significant number of jobs for the local community and we look forward to helping Mike and Will build on the company’s existing success.
“Clydesdale Bank remains focussed on investing in the local economy and supporting the aspirations of ambitious firms.”