International freight forwarding business Allseas Global Logistics Limited has undergone a management buy-out led by managing director Darren Wright and supported by Barclays Corporate Banking in Manchester.
Allseas is one of most respected forwarders in specialist out-of-gauge cargo, and has built a global network of accredited agents handling challenging and time-critical deliveries over more than 25 years.
The buy-out, for an undisclosed sum, will now see the company return to the north-west where it was founded, transferring its head office from Nottingham to Rochdale.
The Barclays deal team was led by relationship director Matt Ryan, and the management team were advised by Laytons Solicitors.
Darren Wright is the managing director, owner and founder of the Allseas Group of companies which now employs 50 people and has a turnover in excess of £15m per year. With nearly 20 years’ experience, Darren has an outstanding in-depth knowledge and is widely known and respected within the freight forwarding industry as a leading expert in out-of-gauge shipments.
Darren Wright said: “I would like to thank Barclays for their enthusiastic support for this transaction. They spent a long time building a relationship with us and were then able to structure a funding package that suited our long-term needs. The whole team at Allseas has worked tremendously hard over the years to establish a successful business which is now set for further growth.”
Barclays' Matt Ryan added: “The deal market has been challenging over the last few years so it’s fantastic to see transactions like this taking place in the north-west, emphasising the fact that Barclays is committed to supporting the ambitions of quality management teams and businesses across the region and the UK.
"Darren realised his vision to establish a successful freight business which focuses on the needs of its customers. They are now well-placed to build on their success to date and take the business to the next level."