European distribution network Palletforce has sold UK Freight Masters (UKFM) to TTT Logistics Group.
The move will allow Palletforce to focus entirely on its strategy of reaffirming its position as the number one network, having created long-term stability for its members through investment, innovation and technology.
The south-east London-based haulier has been a Palletforce member for 14 years and was purchased by the network in March 2016 to secure service capability. Under the new ownership of TTT Logistics Group, UKFM will continue as a key network member in this strategically important region with staff remaining in place.
After moving QTR Transport across to sister EV Cargo business CM Downton earlier this year, Palletforce is no longer a transport operator. It returns to the enviable position of an asset-light business with the financial resource to make swift, strategic acquisitions to lead sector consolidation if the opportunity arises.
It will focus on strengthening its sector-leading position and continue to invest in innovation and technology, providing members with access to the widest range of quality distribution services. Palletforce will concentrate on creating opportunities for members to grow and extend their reach, ultimately ensuring long-term stability and peace of mind for the membership.
Palletforce chief financial officer Steve Back said: “Palletforce will continue to invest throughout its network and the purchase of UKFM three years ago helped us secure service capability for the long term in a strategic location. Our focus is on managing and developing the best pallet network, we are number one in the sector, and this transaction will allow us to concentrate fully on delivering the best quality, service and long-term growth opportunities to our members. With the backing of EV Cargo, we remain committed to market consolidation, which is inevitable and on the horizon.”
TTT Logistics Group chief executive Ross Eggleton said: “TTT Logistics Group is delighted to acquire UKFM from Palletforce, it’s a solid business situated in an influential area. UKFM sits perfectly within our growing group of companies, adding complementary services and a strategic location that will enable us to grow further as part of the Palletforce network.”