Braemar expands Cory Brothers with freight business deal
24 December 2007
Braemar Shipping Services reported today that its Cory Brothers Shipping Agency subsidiary had snapped up an 80% stake in Fred. Olsen Freight Ltd (FOFL) for £1.3 million.
FOFL provides a range of freight forwarding and liner agency services from its Ipswich base for a predominantly UK client base. The business will be brought together with Cory's logistics business which is based in Felixstowe and run by John van Bergen, Cory's director for freight forwarding and logistics.
Commenting on the acquisition, Quentin Soanes, director of Braemar Shipping Services and chairman of Cory said: “Cory's logistics business has grown significantly over the last few years and there is a natural fit with Fred Olsen's business which will increase the range of services we offer. The combined business has an exciting future and we are delighted to welcome the FOFL team to the group.”
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