NWF Group swoops for Swan
Shropshire-headquartered Swan Petroleum has been acquired by agricultural and distribution business NWF Group for £2.75m.
Swan Petroleum, a 42 million litre depot based fuel business, operates in Oswestry, Shropshire, Middlewich and Cadishead.
The acquisition will increase Nantwich-based NWF Fuels division's volume by 10 per cent, said the company.
NWF said it would integrate the business into its existing 17 depot structure.
For the year ended March 2011, Swan reported revenues of £28.5m and operating profits of £200,000. Net assets at 31 March 2011 were £4.5m.
Richard Whiting, chief executive of NWF, said: "Trading since the start of our new financial year is in line with our expectations and we are excited by the opportunities that this acquisition provides. It represents a significant bolt on to our fuel division's operations, in line with our strategy, as indicated during our recent full year results' announcement in August.
"Following the acquisition, NWF Fuels will deliver over 470 million litres of fuel annually to over 38,000 customers from 20 sites across the UK."
