Managers buy out Ipswich container transport firm
PUBLISHED: 16:48 23 October 2018 | UPDATED: 16:48 23 October 2018
A Suffolk container transport firm has been bought out by its management team for an undisclosed sum.
RPS Transport (Ipswich) Limited, which is based in the town and operates out of the Port of Felixstowe, London Gateway and London container terminals for clients across mainland UK, has been snapped up by managers of more than 14 years Jason Duff and Simon Cuthbert after the owner - Jason’s father, Robert Duff - agreed to a management buy-out.
They have set up a holding company, J&S Logistics Limited, to facilitate the deal and have agreed a banking facility with Barclays.
The firm operates a fleet of 16 HGVs and employs a workforce of 16 drivers, all of whom have been transferred across.
Mr Cuthbert said: “Both the outgoing director and ourselves were all in agreement that this was a good time to pass the baton and allow us to move forward by ourselves. We are fortunate that RPS has some very strong foundations and that will allow us to develop some new ideas and continue providing an exceptional level of service within the container transport sector.”
Steve Webb, relationship manager at Barclays Business Banking East Anglia, said: “The chance to be your own boss is something people often dream of, so when the opportunity came along for Jason and Simon to buy out the existing owner they could see the potential of being able to drive the company forward with a new strategic plan for the future.”