Temperature-controlled food distributor Yearsley Group has spent more than £20m on five cold stores at former Innovate Logistics sites. Yearsley has leased the five stores since July 2008 when it bought failed firm Innovate
Logistics' frozen business. However, since December it has purchased them all in a deal worth more than £20m.
The decision to buy the stores at Bristol; Chesterfield, Derbys; Newark, Notts; and Scunthorpe, Lincs; was to avoid high leasing costs, says the firm. Managing director Harry Yearsley says: "By purchasing the cold stores, we control our own assets, giving us the flexibility to change to suit the market."
While other businesses have experienced problems obtaining credit, Yearsley claims its underlying profit enabled it to get financial support. The purchase has secured 435 jobs and takes the number of depots Yearsley operates to 13.
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