Turners of Soham acquires Jack Richards Ltd - the haulier founded in Haddenham in the 50s - to create one of UK's biggest transport groups
PUBLISHED: 15:25 09 August 2019
A transport business founded in 1956 at Haddenham with a single Bedford truck and which has grown today to include a fleet of over 330 vehicles and 700 curtain-side trailers has been sold to Turners of Soham.
Acquiring Jack Richards Ltd of Fakenham will create a haulage conglomerate with over 2,100 units and 3,500 trailers and a 4,000 strong workforce.
Turners' manager director Paul Day said: "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."
He said the connection between the date back to the 1950s "when our grandfathers were friends; so, it feels like we were destined to come together." It was Paul's grandfather Wallace that founded Turners in the 1930s
Mr Day said that entering the general haulage sector a competitive part of the market and it was "vitally important we found a quality business to enter this market.
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"It's rare to find such any opportunity to buy an efficient, well-managed company. Jack Richards has exceptional people and loyalty from its staff and customers. "Turners will do everything it can to retain these strengths and provide support to help the company build further growth to continue its successful history."
Lisa Richards, director at Jack Richards & Son, said: "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."
The acquisition of Jack Richards & Son puts 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 stay the same. Anthony Richards & Lisa Richards will each retain a 10 per cent shareholding in the business.
Turners say there will be no redundancies as a result of the sale and all existing contracts will remain in place with customers.
Turners currently operate c.1900 tractor units and c.3000 trailers from 30 sites employing over 3400 people. The acquisition of Jack Richards & Son takes the group to 38 operating sites.