A growing Derbyshire transport firm is continuing its expansion after buying into a neighbouring distribution and warehousing business.
Silver X Group, which is based at Alfreton, has announced it has acquired a minority stake in Bow Distribution and Warehousing, a pallet distribution and warehousing firm, which is headquartered nearby.
The exact terms of the deal have not been disclosed but Silver X said it has the option of increasing its stake in the business in the years to come.
For now, Bow will remain a separate business, with Paul Howarth remaining as managing director. Silver X managing director Gavin Burgess will join the board, while David Clarke will remain as operations manager.
Silver X provides logistics solutions for a range of customers, including blue-chip online retailers, large local manufacturers and small businesses.
Its services include same day and contract haulage, warehousing and e-commerce, as well as home delivery.
Mr Burgess said: “The Bow team has been extremely successful over the past 21 years in growing a much-loved and reliable warehouse and distribution company with gold partner status within the UPN pallet network.
“Our own business already has a great track record in the warehousing and transport sectors delivering ecommerce fulfilment, storage solutions, home delivery, plus same day courier and road haulage services.
“The Bow opportunity offers the Silver X Group the chance to add another string to its bow (excuse the pun!) with the acquisition of an established pallet collection and delivery service as well as adding another 36,000 sq ft to its current portfolio of more than 100,000 sq ft of warehousing space.”
Mr Howarth said: “Initial dialogue commenced over two years ago but had to be delayed due to the sad and sudden passing away of my fellow director Andre Bowd.
“At 63, I was keen to keep the Bow brand alive, as well as ensuring that my team is well looked after once I finally decide to retire.
“Gavin and the Silver X Group have offered the team the chance to continue the Bow legacy and hopefully continue to grow the company for further years to come.
“Working on the same industrial estate we have forged a strategic partnership over the last couple of years so I’m confident the deal will represent stability while offering our current customer base a wider range of services.
“With significant opportunities opening up for us in the market this feels like the right moment and the Silver X Group fits well with our values and culture, as well as our strategic alignment making them the right partner.”
The Bow deal comes after it was announced last week that Silver X had signed up for a 27,000 sq ft warehouse unit, just off the A38, near Junction 28 of the M1, in a deal brokered by FHP Property Consultants.
