TPA buys controlling interest in award-winning Pallet-Track

The amount paid by TPA Capital for the Wolverhampton-based palletised freight network has not been disclosed.

Pallet-Track, which has its main hub at Titan Distribution Centre in Millfields Road, Ettingshall, won the overall Express & Star Business Awards business of the year in 2018.

The company, which has almost 90 haulier members across the country and employs more than 120, was formed in 2002 by managing director Nigel Parkes and processes more than 3.5 million pallets a year through its main central hub in Wolverhampton and two regional hubs in Wigan and Welwyn Garden City.

Pallet-Track was also recently named as the fastest growing business in BDO’s Black Country Growth Barometer report along with being identified as one of the UK’s fastest-growing companies in the Sunday Times Virgin Atlantic Fast Track 100 listing and as one of the London Stock Exchange’s 1,000 Companies to Inspire Europe.

TPA’s investment comes at a time when demand for flexible palletised logistics solutions continues to grow, with pallet networks becoming increasingly integral in ensuring regional hauliers have the infrastructure to service customers across the UK.

Pallet-Track’s highly-efficient hubs, together with its market leading technology platform, enable haulier members to deliver their customers dependable and high-quality service.

“There are exciting times ahead. From the very beginning it was clear the TPA partnership demonstrated a difference in their culture and nuances which had identical synergies with Pallet-Track," said Mr Parkes.

"Their shared ethos of member shareholders participation combined with a long-term strategic vision along with uniquely not being constrained by typical investor or financing organisations will enable this new partnership to realise ambitious plans and long-term sustainable growth," he added.

TPA partner Greg Allen, said “We’re incredibly excited to be in a position to support Pallet-Track with the next stage of its growth story. Under Nigel’s stewardship the business has grown into one of the leading pallet networks in the UK, which is a testament to the quality of the Pallet-Track team and its members.

"We were attracted to the culture of collaboration that Pallet-Track have fostered within the network. We look forward to partnering with the Pallet-Track team and its members to help realise their long-term ambitions”.

The business saw revenue and profits grow strongly in its last financial year.

Turnover was up from £77.5 million to £83.1m for the year to the end of January 2018 and pre-tax profit rose from £2.8m to £3.3m helped by a growing number of pallets being transported around the UK and abroad.

Pallet-Track had grown 1,000 per cent since it was started back in 2002 on the Brook Street Business Estate in Tipton. It has been at Millfields Road since October 2008.