NFT Distribution assets and operations bought by EV Cargo Logistics

EV Cargo Logistics has acquired specific assets and operations of NFT Distribution.

The chilled and frozen food 3PL, which provides both primary and secondary distribution services, was acquired by investment firm EmergeVest in 2014. In 2016 NFT Distribution acquired chilled food and drink 3PL NR Evans.

In 2018 EmergeVest said it had created EV Cargo by consolidating its six acquisitions in the UK 3PL market – Adjuno, Allport Cargo Services, CM Downton, Jigsaw, NFT and Palletforce -into a single corporate structure.

However, NFT Distribution Holdings has continued to trade and its 4 October 2019 filing to Companies House stated that it had made a pre-tax loss of £30.8 million for the 18 months-ending 29 September 2018.

NFT Distribution told Sky News last month that it was undertaking “a strategic review of its business” with a view to addressing some operational challenges and repositioning for the future.

“The company has concluded that it is appropriate to explore what interest may exist in the business.”

EV Cargo Logistics was incorporated on 3 December 2019.

Duncan Eyre, chief executive at EV Cargo Logistics, said: “We are pleased to announce the acquisition of NFT’s core operations, which we see as operationally solid and fit for future growth.

“EV Cargo Logistics is committed to delivering continuity of service to our customers. I would like to thank customers and colleagues for their support and welcome them to a bright future with EV Cargo Logistics,” Eyre added.

In a statement EV Cargo Logistics said that the core operations it had acquired include primary and secondary chilled logistics services from depots at Alfreton, Amesbury, Anglesey, Bristol, Crick, Daventry, Evesham, Penrith, Rochdale and St Albans.

It also said that “almost 2,000” employees would be “moving across” from NFT to EV Cargo Logistics.