Price Express Transport Lt Sold to JTT Express Ltd
Sheffield haulage company Price Express Transport Ltd has been sold to another logistics business looking to expand into Yorkshire.
The firm, based in Don Valley, and its holding company PET Holdings Ltd have both been acquired by JTT Express Ltd, a transport company based in Bristol led by Director, Andy Pallister.
Corporate advisers at Grant Thornton and Irwin Mitchell advised vendor David Price on the sale, which will see the company continue to trade under its existing name.
The company's founder, David Price, will remain involved with the company to support the new management.
Mr Price said: "I founded Price Express in Sheffield in 1975 and since then have seen it grow from a small scale local service to a company operating across the UK, Ireland and into Europe.
"After 35 exciting years I felt this deal was the best way to ensure Price Express could continue its success long into the future, and am confident that the new owners will be successful for many years to come.
"I will continue to be involved with the company for a period of time to support the new owners and to ease the handover process, but eventually look forward to stepping back from the business entirely."
Claire Davis, Corporate Adviser at Grant Thornton in Sheffield, said: "Price Express Transport was attractive to the owners of JTT Express due to its size and location.
It is already an established business in the market and fits in with the new management's existing company in Bristol, offering similar services to a wider area."
Emma Garth, solicitor in Irwin Mitchell's Corporate Team, said: "The sale of Price Express is another great result for David, which will ensure the company will be able to continue its success.
"The deal was able to be completed in a short space of time which means the new owners, with David's help and support, can make a smooth transition into management."
Price Express Transport provides standard pallet delivery as well as delivery and installation of catering equipment (including refrigeration equipment, vending machines and electrical enclosures), using a fleet of tail-lift trucks.