Wincanton has sold its 20 per cent stake in chilled logistics specialist Culina Logistics for £11m.
It acquired the holding in March 2009 following the merger of its chilled consolidation business with Culina.
Wincanton said the book value of its investment in Culina was £14.5m, and for the year to 31st March 2011 the profit attributable was £1.2m
The cash proceeds from the disposal will be used to reduce the Wincanton’s debt.[asset_ref id=”1347″] Eric Born
Chief executive Eric Born said: “This is another important step in the reduction of our debt through the disposal of non-core investments and allows us to focus our attention on delivering profitable growth in the UK & Ireland business in the future.”