DX has acquired a 49.8% shareholding in Gnewt Cargo, the fast-growing environmentally-friendly delivery services provider, for approximately £1.75 million in cash on completion.
DX is a leading independent mail, parcels and logistics end-to-end network operator in the UK and Ireland, while Gnewt operates a fleet of over 100 electric zero-emission vehicles, including cargocycles and minivans. Founded in 2009 with the aim of reducing pollution, particulate emissions and congestion, Gnewt offers multi-drop ‘last mile’ delivery services in central London.
Gnewt has been independently verified to cut carbon dioxide emissions per parcel delivered by 62%. The company’s services have won multiple awards including, most recently, Corporate Environment Winner 2014 at the National Institute of Courier awards and the Transport Solutions Provider of the Year 2014 from the Energy Saving Trust Fleet Hero Awards.
It’s delivery services achieve 99.5% on time and accuracy.
DX will be supporting Gnewt’s continuing growth and, in particular, the roll-out of its services across additional cities in the UK. The investment will provide new capability for DX’s existing Customers in the legal, financial and public sectors as well as enhancing its existing operations in both the high street and ecommerce retail arenas.
Petar Cvetkovic, CEO of DX, commented: “I am delighted that Matt and Sam, who both co-founded Gnewt, have chosen to partner with DX. We use Gnewt’s services ourselves and therefore know just how efficient and Customer-focused they are - and, of course, how they help to reduce emissions and make city centres better places to be.
"We now look forward to working with the Gnewt team to expand their environmentally-friendly ‘last mile’ delivery services to other UK cities. We will be combining Gnewt’s technical expertise with DX’s funding support and core volumes to start-up Gnewt locations across the UK.”
Sam Clarke, co-founder and director of Gnewt Cargo, said: “The idea behind Gnewt was to offer an outstanding delivery service within city centres while making a difference to air quality and people’s well-being. Gnewt has grown fast over the last five years and we want to take our service to other UK cities.
"DX shares our vision and like us is passionately committed to delivering a great service to customers. We are very excited by this new partnership – it represents a new stage in our development and growth.”