Wincanton sells Culina stake

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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.”

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