Black County-based Pallet Track has acquired a new large distribution facility, as part of a major expansion programme designed to more than double its business.
Pallet Track has taken a five-year lease, with the option of a further five years, on Titan 10, a new 267,290 sq ft warehouse with offices on Millfields Road in Bilston. The agreed rent is in excess of £1 million a year exclusive of rates.
The company plans to invest a further substantial six figure sum in Titan 10 to configure it for its overnight freight handling operations, investing heavily in IT systems which allow it to keep track of the pallets and ensure rapid delivery to customers.
When it is fully operational in October, the new distribution hub will allow Pallet Track to increase its operation from handling 4,500 to more than 9,000 pallets per night.
All Pallet Track’s 70 workers will transfer from its existing 115,000 sq ft distribution hub in Wednesbury to Titan 10 in Bilston, and in time the company expects that this will lead to some further new jobs being created.
Pallet Track managing director Nigel Parkes said: “The company is growing so rapidly that we needed new premises to ensure that our operation remains efficient and highly productive and with room for further expansion.
“I am pleased that we were able to secure new premises in the Black Country, not too far from our existing operation, as we wanted to ensure that we keep our existing loyal team of workers, who we value very highly.”
Black Country law firm George Green advised Pallet Track on all the legal aspects of securing the new lease, including structuring the deal to minimise tax liabilities.
Cushman & Wakefield LLP advised Pallet Track on its property search and on the acquisition of Titan 10 from Threadneedle Investment Managers and Zurich Assurance.
King Sturge and Colliers CRE represented landlords Threadneedle Investment Managers and Zurich Assurance.