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Goodman Derrick LLP advises on the acquisition of Tuffnells Parcels Express for £15m
Goodman Derrick LLP advised Palm Bidco Limited on the acquisition of The Big Green Parcel Holding Company Limited and its subsidiaries, including Tuffnells Parcels Express for £15m from Smiths News Holdings Limited. Tuffnells is a leading UK distributor of mixed freight, specialising in items of irregular dimension and weight. From a network of 36 depots and a head office in Sheffield it serves approximately 4,000 businesses.
Smiths News Holdings Limited is a wholly-owned subsidiary of Connect Group plc. The approval of the Connect Group shareholders, required under the listing rules, was obtained prior to completion of the transaction. Connect Group also agreed to provide a £10.5m secured loan to Tuffnells.
Herbert Smith Freehills acted for Connect Group.
The Goodman Derrick team was led by Paul Webb (Partner, Corporate) assisted by Jessica Nugent (Partner, Corporate), Alexandra Bonner (Partner, Employment), Richard Pull (Senior Associate, Corporate), Ross Sidwell (Senior Associate, Real Estate) and Hector Freyne (Trainee, Corporate).
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