Fone Logistics founder Ian Gillespie has announced that the business has been sold in order to allow a restructure of the business. He claimed this move confirmed his commitment to the business, 36 months after a partial sale in 2006.
The deal, which involves a newly formed entity acquiring the trading activities of Fone Logistics, will provide a strong platform to take the business forward.
Gillespie, who founded the Northumberland business in 1996, has reaffirmed his commitment to the business in a move he says was essential to provide long term security for the business and its 75 employees.
Managing director Ian Gillespie said: “It is not a secret that, for some years, the corporate structure of Fone Logistics has been out of kilter with where the business is at in its performance, and with our future aspirations for it.
“The structure that has been in place has held us back to some degree but this transaction resolves this and will allow us to kick on and do the things we want to do.
“The plan three years ago was for me to take more of a back seat in the day to day running of the business but since then, with my reacquisition of the share capital and the economic climate the way it is, things have changed. So, for the future well being of the company and its employees we have performed this transaction to improve our position and create greater stability.
“Our network partners, suppliers, customers and employees have been extremely supportive over the restructure and I would like thank them for all their help.”