Middlesbrough-based road haulage and crane hire company Economove plans to double turnover and increase its workforce following the company’s recent acquisition.
North East based finance brokerage Trusted Business Partner secured finance and assisted in the acquisition, which saw a new management team of four respected entrepreneurs each take a 25% stake in the business back in November 2021.
Since then the new team has developed a set of management objectives, aiming to take the company to £1.5m turnover and 8 full-time drivers within the next two years.
Tosh Middleton, Director of LTM Teesside and Owner of Economove, said: “Thanks to the work of James Clinghan and Trusted Business Partner, we raised funding to support the acquisition and over the last few months have been learning the processes within the business and pin-pointing where we can further improve upon efficiencies.
“We currently have three full time drivers and three part-time drivers, with a fleet of 10 vehicles servicing clients and contracts all across the country and we have seen a huge increase in demand over the last few months.
“Because of our high level of accreditations, including our FORS Gold, we are fully licenced to work across steelworks, demolition and construction sites, as well as being one of only a few haulage companies in the area able to transport materials in and out of London.”
Trusted Business Partner assisted Economove throughout the acquisition and handover period, ensuring the directors raised finance to complete the purchase while ensuring the process ran smoothly.
James Clinghan, Managing Director of Trusted Business Partner, said: “Economove really has a new lease of life thanks to the new management team and their driven objectives for the next two years.
“The track record of the company’s new owners and also the increasing demand within the road haulage industry, meant this was a prime project to fund for our banking partners.
“I’d like to wish the full Economove team every success and can’t wait to see them achieve their turnover targets.”
Business Manager Thomasina Arbuthnot will now oversee the day-to-day running of the business and is looking forward to seeing the full fleet of vehicles out on the road.
She said: “Whilst we’re aware the demand for haulage will eventually level-out, during this time we’ve been working hard to develop new customer relationships and continue to expand our client-base within Teesside, the North, North Yorkshire and beyond.
“Our accreditations, service and high quality fleet really set us apart from competitors and I can’t wait to see what 2022 has in store.”