Leathes Prior act for Sellers: ‘The Richards name will live on’: Haulage firm bought out by Turners in £475m deal
Two multi-million pound haulage businesses have joined forces after a share buyout - creating a partnership worth more than £475m.
Jack Richards and Son have sold 80% of its shares to Turners (Soham), meaning the alliance will now have a headcount of more than 4,000 members of staff. But the chief executive of Newmarket-based Turners, Paul Day, has assured staff that the Richards name will live on.
"We're not going to be changing the name, we're not going to change the staff, we're not going to be rebranding Jack Richards and Son, the yellow lorries will stay as they are," he said. "The son and granddaughter of the founder, Anthony Richards and Lisa Richards, still each have a 10% stake in the company. The Richards family are still very much involved in the company."
Mr Day continued: "The way I like to do business is to buy shares in a company and let them continue in the way that is successful. It's the way I'm comfortable with operating so I don't see any reason to change it."
The acquisition of the Fakenham firm now positions the Turners Group in the top 15 transport companies in the UK. Turners did not previously have a general haulage arm as it focuses on specialist operations.
"When we get enquiries for general haulage we've had to turn it down, so it was important for us to find an outstanding business with which to develop in this market," Mr Day explained. "It's rare to have the opportunity to buy a well-managed, efficient company. Turners will do everything it can to retain these strengths and to support the company in its future growth, continuing its success."
Pre-planned management changes will remain in place, with Lisa Richards taking over from current managing director, Peter Brown, when he retires in 2021.
Mr Brown said: "I am really excited about the chapter ahead for our business. 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 added: "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."