Dawn of a new era at Pall-Ex
Pall-Ex has become the first UK palletised network to be owned by personnel from within the business and throughout the membership.
The founder of Pall-Ex, former Dragons’ Den star Hilary Devey, sold the business in October for an undisclosed sum.
Founder members of Pall-Ex David Fairbrother of ADD Express Ltd, Maggie Larimore of PMB Pallets Ltd and Craig Stevens of STD Developments Ltd, negotiated the transaction alongside Kevin Buchanan, Group Managing Director of Pall-Ex. RUN D.M.C Investments Ltd, a company created by David Fairbrother, Maggie Larimore and Craig Stevens, funded the initial membership part of the acquisition.
Maggie Larimore, one of the founder-directors of Run D.M.C, commented: “We are delighted that more than 70% of Pall-Ex’s UK membership will be shareholders and that the senior management have chosen to commit their long-term futures to help us grow.”
Kevin Buchanan, CEO of Pall-Ex Group, said: “The senior management have bought into a five-year vision to build Pall-Ex, which is already an outstanding brand, into a market-leading European network. We are already in discussion with our International partners to invest further into Pall-Ex Group to deliver an ambitious development programme. We are also actively growing our UK network membership, to further increase our shareholder members within Pall-Ex UK.”
“I am excited about this journey and how far we can take the business, we have some key developments happening in the next few weeks, and so will be releasing information about these in due course.”
The new owners are also discussing shareholder options with Pall-Ex’s International partners, to further grow the European arm of the business.
Ms Devey, who started Pall-Ex in 1996, decided to step away from the day-to-day running of the business after almost 25 years, but will continue to work with the new owners in an ambassador role.
Pall-Ex recently won a Global Freight Awards for its MyNexus system. Technology is now at the forefront of the business, with major advancements expected in the next few months, including a ‘pioneering’ Transport Management System (TMS).
Since distributing 117 pallets on its first night on 29th November 1996, Pall-Ex has grown into a European network that handles thousands of pallets every night, with partnerships established across the continent.
Posted on: December 4th 2019