Jersey Post plans to buy Fraser Freight
Jersey Post has announced its intention to buy the Portsmouth-based logistics company, Fraser Freight. The postal operator said that the purchase of Fraser is in line with its strategy of looking for opportunities to grow new revenue streams to fill the deficit left by the continuing volume decline in its core business.
Tim Brown, Chief Executive at Jersey Post commented: “2016 is one of the most financially challenging years yet for Jersey Post, and we must find secure, profitable opportunities that can help us to build on our existing core skills and business strengths in order to address this situation.
“Although, the acquisition of Fraser Freight is currently subject to regulatory approval, we are very excited by what this deal will mean to our business and the potential to enhance our existing services.”
Ross Fraser, the current MD at Fraser Freight, added: “We have been actively seeking a buyer for the business and are pleased to be progressing with Jersey Post. There are strong synergies between our mutual desires for business growth, and I am excited by what this deal means to both Fraser Freight and Jersey Post.”
Jersey Post said that intends to retain all existing staff based at Fraser Freight and there will be no compulsory redundancies either at Fraser Freight, or at Jersey Post, as a result of the acquisition.
