After a year of record growth, national courier company Speedy Freight has obtained an investment from BGF – the UK’s most active growth capital investor – to accelerate its ambitious expansion plans.
Over the last decade, Speedy Freight has grown year-on-year, and now provides dedicated same-day courier services to every postcode in the UK. The brand has more than 8,500 customers, and supports multiple industries with deliveries across the UK and abroad.
In the last year alone, Speedy Freight grew by 39 per cent, partly due to the increased demand for logistics support caused by Covid-19. As such, the brand feels the time is right for a bold expansion, supported by new long-term investor BGF. The investment into Speedy Freight will support the business’ growth and ambitious plans for many years to come.
After many years of consistent growth, Speedy Freight Managing Director Mike Smith will be increasing his stake to become the majority shareholder alongside Operations Director John Munnelly, with BGF taking a significant minority shareholding.
The transition from GreenWhiteStarAquisitions to BGF as investors will be smooth for both Speedy Freight customers and franchisees, with no changes in franchise agreements or customer contracts.
Matt Widdall is an investor in BGF’s North West team and will join the board as part of the deal. Rick Francis also joins as a non-executive director and is currently chairman of Tivoli, and previously CEO at Lex Autolease, where he spent over 10 years and grew the business significantly during his tenure.
Mike Smith, Speedy Freight Managing Director, says: “We’ve worked incredibly hard as a brand over the last decade to sustain our year-on-year growth, however now it’s time for something even more bold.
“Our core offering of agile, reliable, and trustworthy courier services will remain unchanged, but the new funding will allow us to invest in both driver training and the expansion of our fleet, allowing us take on even larger clients in new and exciting industries.”
Matt Widdall, investor at BGF in the North West, says: “Speedy Freight has a created a clear point of difference in the market through the business’ unparalleled high-service levels, responsiveness , and national network capability. We’re delighted to be backing an extremely capable management team and ambitious network of franchisees to support their combined growth targets.
“Supply chains are becoming increasingly complex, but Speedy Freight simplifies this with efficient courier services, supported by investment in technology, that give its customers a competitive advantage. The business is ideally placed to expand its market share and support its fast-growing customers meet market demand.”
As part of the brand’s development plans over the coming years, the investment from BGF will also help to fund new training and development opportunities for drivers and franchisees in every area of the UK.
Ali Sharifi at Avicap and Johnathan Watkins from DLA Piper advised the vendor. BGF was advised by Knights Plc (legals), Andy Pearson at Waypoint (financial due diligence) and Hurst (tax).
