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Hargreaves Services boosted its transport activities with the purchase of Gilbraith Tankers last week - and promised more takeovers in the tanker sector.  The deal was done through its joint venture company, Birmingham-based Hargreaves (Bulk Liquid Transport), and as such is a vote of confidence in HBLT directors David Vicary and his son Gareth.

HBLT was formed as a 50/50 joint venture between the Vicarys and Hargreaves in 2003 to buy the assets of S Jones Transport, the Vicarys' former  company, from the administrator.  The spotlight has been on coal imports and tipper haulage since the group was listed on the AIM last year but group CEO Gordon Banham says that HBLT has been a "real jewel in the crown" and probably the most profitable transport unit.

Transaction value in the 48-tanker Gilbraith deal is put at just 2.06m, including assets, business, goodwill and assumed debt. Gilbraith has been "jogging along over the years... not particularly dynamic because the family were coming up for retirement. But it has been running along nicely", Banham says. Gilbraith's last filed accounts at Companies House appear to be for the year ended September 2003. Turnover stood at 4.38m, up from 3.79m; pre-tax loss was 84,885, reduced from a loss of 411,552 and the debt was increased to 1.05m in 2003 from 792,886.

Banham said the purchase of Wigan-based Gilbraith plugs a gap in Liverpool and Merseyside. "This now gives us really good coverage from the North down to  the Midlands. We will take all the synergy and therefore reduce the number of empty miles we are running across the business." Hargreaves is already in Immingham and Durham. Derek Pilkington, chairman of Gilbraith, says the deal will result in an even better service for customers, security of employment for the workforce and continuation of the name.