Braemar Seascope buys out container broking joint venture partner
23 August 2006
Braemar Seascope plc has purchased the 50% interest in Braemar Container Shipping and Chartering Limited that it did not previously own from its joint venture partners, Shipping and Chartering GMBH.
The consideration for the purchase of the 50% interest was £1.225 million satisfied in cash from existing resources.
The business comprises 10 container brokers covering both the sale and purchase and the chartering markets, based in Braemar Seascope's London office. In the year to 28 February 2006, BCSCL earned revenues of £1.8m and pre-tax profits of £0.3m.
Braemar Seascope's Chief Executive, Alan Marsh, said,
'It is logical that our successful container desk is wholly-owned within Braemar Seascope's broking operation and we are pleased to expand our interest in this important market.'
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