DX Group shows commitment to reduce emissions
The Buckinghamshire mail, courier and logistics business DX Group has purchased a 49.8 % shareholding in Gnewt Cargo, a ‘green’ delivery services provider, based in London, for approximately £1.75 million in cash on completion.
Founded in 2009 with the aim of reducing pollution, emissions and congestion, Gnewt operates a fleet of 100 electric zero-emission vehicles, including cargo-cycles and minivans. It offers multi-drop ‘last mile’ delivery services in Central London.
Over the past year, the company has grown by 200 % to achieve annualised revenues of approximately £3.75 million and EBITDA of £300,000.
DX will be supporting Gnewt’s continuing growth and, in particular, the rollout of its services across other cities in the UK.
DX chief executive Petar Cvetkovic said: “I am delighted that Matt and Sam, who both co-founded Gnewt, have chosen to partner with DX.
“We use Gnewt’s services ourselves and therefore know just how efficient and customer-focused they are – and, of course, how they help to reduce emissions and make city centres better places to be. We now look forward to working with the Gnewt team to expand their environmentally-friendly ‘last mile’ delivery services to other UK cities.
“We will be combining Gnewt’s technical expertise with DX’s funding support and core volumes to start-up Gnewt locations across the UK.”
