Allport sale is ‘very close’
06 / 10 / 2010
ONE of the UK’s largest and most profitable independent freight forwarders is about to be sold to Hong Kong-based Cargo Services, said sources close to the deal at the 7th Sino-International Freight Forwarders Conference in Hong Kong. Allport was created in 1963 by John Clayton and Will Toye and has seen steady growth over the following 47 years, forging a well-known reputation around the world.The deal – driven by Cargo Services founder, major shareholder and chairman, John Lau – is close to completion and would see another UK freight agent fall into Chinese/Asian hands.
The move by Cargo Services follows the attempted purchase of Allport by Toll Holdings earlier this year – a deal that fell through at the 11th hour.
Currently Allport owns around 10 per cent of Cargo Services, but according to sources Allport will be bought by, rather than merged with, Cargo Services.
The two companies have been working closely together for some time, with Cargo Services having a network of 28 offices in China and Hong Kong.
Allport director, Chris Cargill, was unable to confirm or deny that the company was close to being sold to Cargo Services.