Jet2 owner to focus on airline after selling logistics business for £98m
A Yorkshire leisure travel group has announced the sale of its distribution and logistics business in a £98m deal.
Dart Group, which is based in Leeds and owns travel company Jet2, has sold distribution and logistics company Fowler Welch to food logistics firm Culina Group.
Fowler Welch owns a 50 per cent stake in a Kent fruit ripening and packaging business Integrated Service Solutions.
As of yesterday, Fowler Welch had unaudited net assets worth £60.5m.
Dart Group said that it has sold the business so that it can focus on the leisure travel side of its operations.
It recently raised £172m in new capital, through a share placing, as part of its liquidity measures during lockdown.
It commented: “The board believes that the transaction will enable the group to focus on its long-term strategy of growing its leisure travel business and, importantly, enables Fowler Welch to continue to flourish and grow profitably under new ownership.”
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