Rico, a TVS company with clients in the beverage industry, has taken a majority shareholding in Circle Express, one of the largest independent networks offering a collection and delivery service specifically targeted at the U.K. air freight forwarding industry and is the preferred U.K. freight distribution carrier for many international freight forwarders. The day-to-day operations and management will not change although upper management will have a new reporting structure into Rico.
With more than 30 years’ experience, Circle Express has an annual turnover in excess of £29million with a countrywide fleet of 300 vehicles operating out of eight aviation security listed depots near the airports at Heathrow, Aberdeen, Birmingham, Exeter, Glasgow, Leeds, Manchester and a cross dock facility in Milton Park, Abingdon.
Tom Ryan, Circle Express managing director, said “This great opportunity will give Circle the financial backing and work collaboration opportunities to move forward and strengthen its position in our industry.”
Sam Sharma, Rico Global CEO said, “we are proud to bring Circle Express into the Rico business, as it’s a fantastic opportunity to expand our same-day capability, generating higher premium services across the U.K. This acquisition will bring us some more depots to add to our existing 48 same-day depots across the country and builds our larger vehicle and trucking capacity within our operations.”
Sharma added, “this is another strategic acquisition for Rico which will continue in the future in order to strengthen Rico’s operational capability and service portfolio across all its different lines of business both in the U.K. and internationally.”