After almost 3 years of ownership, Winch & Co completes the sale of its North East industrial site to Templeman Retail & Vending.
DTS, a transport and warehousing company owned by Leeds-based Winch & Co, have announced the sale of their 250,000 sq. ft. industrial estate located in Cramlington. The sale forms part of the Leeds-based investment firm’s longer-term plan to consolidate their distribution and warehousing business.
Winch & Co purchased the site back in April 2022 as part of its acquisition of DTS. The firm then went on to make various investments in both the fleet and the site.
Nathan Winch, Chief Executive at Winch & Co, said, “It was always the plan to sell the site and become a tenant. We prefer to put capital to work into commercial, trading/going concern transactions rather than property. That’s what our current investment mandate stipulates, and we wanted to stick to the plan. And that is what the commercial team have delivered here.”
Debra Hart, Commercial Director at Winch & Co, commented, “It’s been a difficult transaction to navigate given the headwinds of the financial markets in 2022-23, as well as some unforeseen circumstances. But we managed to turn this transaction into one of our best and biggest deals so far at Winch & Co. I’m proud of what my team have accomplished.”
Nathan Winch added, “This deal, and the wider restructure, discharges over £8 million of debt from the business, as well as securing the current workforce and new customer contracts that we have been able to sign long-term.”
He expanded, “We worked closely with our primary lender during the tumultuous economic landscape of the last 18 months; we appreciate their and their agents’ understanding, cooperation and diligence to reach this positive outcome for everyone during this turnaround exercise.”
