Fowler Welch (a temperature-controlled logistics division of Dart Group) has been sold to Culina Group for £98 million.
Dart Group said that the sale would enable Fowler Welch to “continue to flourish and grow profitably under new ownership”. The sale includes Fowler Welch’s 50% share in fruit ripening and packing business Integrated Service Solutions: a joint venture with Terradace Holdings.
Dart Group said that as of 31 March 2020, Fowler Welch had unaudited net assets of £60.5 million. In its most recent filings to Companies House for the year-ending 31 March 2019 Fowler Welch posted a 6% increase in turnover to £178.7 million, and a 2.5% increase in profit to £4.3 million. It had 897,000 sq ft of warehousing space.
