RSM, leading audit, tax and consulting firm has acted as reporting accountants on the successful sale of Tuffnells, owned by the Connect Group.
Tuffnells (also known as the Big Green Parcel Company), a distributor of mixed freight, with a network of 36 depots, has been bought by Palm Bidco, a special purpose vehicle for total consideration of £15m, paid for over three years.
In the year ended 31 August 2019, Tuffnells reported an adjusted operating loss of £14.1m on revenues of £164.4m. Following the disposal Connect Group intends to focus on its profitable news and magazines distribution business.
Diane Craig at RSM said: ‘We are delighted to have acted for Connect Group plc on this successful transaction which will enable their executive team to focus on the core business of the Group.”
Tony Grace at Connect Group plc said: ‘Thank you to the RSM team for helping us get this deal over the line. Their proactive, practical and commercial advice was invaluable in negotiating us through this complex process, and ultimately to the transactions success.’