Manchester-based freight forwarder Far Logistics has acquired a rapidly-expanding Warrington company.
Far, which claims to be the UK's fastest growing logistics services provider, announced the acquisition of Candour Logistics, a firm based at Warrington's Lowton Business Park.
In the 12 months to March 30, 2020, Candour Logistics grew into an £80m business, and has twice been named in The Sunday Times Fast Track 100, while Far is expected to record revenues of more than £50m to the end of 2020, having grown from the £30m just two years ago.
Far employs more than 60 people and has eight offices in the U. It also recently expanded into Europe with a site in Rotterdam. It is part-owned by the Cardinal Maritime group, which provides additional support with 11 international offices, and a major presence on the ground in China.
John Keary, managing director at Candour Logistics, which was founded in 2015, said: “If you look at the growth we’ve had, and you look at what Far Logistics is doing, we are essentially putting two strong companies together and making them even stronger.
“Far’s like-minded attitude, way of doing business and strong sense of culture, means we can become part of the team easily. While Far Logistics has the backing of Cardinal Maritime, it has its own identity, too: it is pragmatic, and youthful, and I see that as a really good fit.”
Far Logistics was founded in 2012 by chief executive Simon Boucher and Cardinal Maritime, and supports freight professionals to open regional offices and gives them equity once early targets are met.
In the past eight years, operations have been opened in Manchester, Liverpool, Southampton, Felixstowe, Basildon, Nottingham, Heathrow, and Glasgow, in addition to Rotterdam.
As part of the acquisition, which is the first of its kind for Far Logistics, John Keary will become a shareholder and member of the board.
Simon Boucher, chief executive at Far Logistics, added: “It’s an exciting move and shows our ambition to drive the business forwards. We are excited about the calibre of staff that are joining us and the opportunity to work with industry professionals like John and his team.
“We want this to be the first of many acquisitions as we grow. We are focused on growth and are doing this because it’s the right thing for the business and for the management team. We also want to create opportunities for our colleagues to grow into.
“In addition, we are developing better products and more buying power in a global market. We have a really strong team and have the opportunity to deliver on this successfully.”
