News

Multimodal specialist Roadways Container Logistics (RCL) is the latest container business to be sold in the ongoing shake-up of the sector. The Essex-based firm has been owned by shipping giant Maersk since it bought P&O Nedlloyd in 2005. However, since then it has chronically under-performed: in 2006 it made a loss of £23.6m and although it improved its performance  last year to make a headline pre-tax profit of £1.5m, this was aided by an exceptional item of £12m from a depot sell-off.

RCL ended the year to 31 December 2007 with net liabilities of nearly £1.5m and an outstanding interest-bearing loan of £25m to the parent company. Clearly Maersk has been anxious to get rid of the company, hence the sell-off to new start-up Aegeus Transport for an undisclosed sum. So far only one director of Aegeus has been confirmed - investment banker Dr Richard Summers, who formerly worked for private equity business 3i.

A statement from RCL says that Maersk will remain a customer. It adds that managing director Chris Lawrenson will step down after the share transfer is completed but will remain for a time with the company. The sale is expected to be completed within a month, it says. It follows the recent acquisition of CEL  Group by Wincanton.