News

Interbulk, the liquid and dry goods bulk haulier, plans further expansion following a deal last week which more than doubled its size.
Interbulk took over United Transport International (UTI) in a 'reverse takeover' deal worth £79.5m; chairman Bill Thomson says: "Interbulk's vision is to have one integrated group using four forms of intermodal container technology: ISO-tanks, ISO-veyors, Flexi-tanks and Flexi-liners. The acquisition of UTI is a significant step in realising this vision."

Interbulk was formed in December 2004 and arrived on the Alternative Investment Market (AIM) just over a year ago through a reverse takeover of a financial shell, raising £14.5m at 20p/share.

The latest deal was partly financed by the release of £28m of shares, again at 20p/share.

The reverse takeover left Interbulk's share price unchanged last week at 21.5p.

Rotterdam-based UTI had a turnover of £128m in the financial year to 30 September 2006, while Interbulk made £4.9m profit on a £79m turnover in the same period.

The deal is due to be completed next month with dealings in the enlarged company starting on 11 April.