Clipper Logistics agrees takeover worth nearly £1bn

A UK logistics firm which handles orders for some of Britain’s largest retailers has agreed to a possible buy-out deal worth around £940 million from GXO Logistics.

Clipper Logistics, which provides warehousing services for Marks & Spencer, Asda, John Lewis, Morrisons, ASOS, Farfetch, and H&M, has not been given a firm offer by the US logistics firm but has “reached an agreement on the key terms of a possible cash and share offer”.

GXO, a spin-off from XPO Logistics, describes itself as the largest pure-play contract logistics provider in the world. The company, which is listed on the New York Stock Exchange, is worth $9.3 billion.

Clipper Logistics also operates in Poland, Germany, Ireland, the Netherlands, and Belgium.

For the year ended 30 April 2021, Clipper generated revenue of £696 million and an underlying EBITDA of £43 million.

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