NFT Distribution sees pre-tax losses over £30M for 2019

Published: 21 January 2020

NFT Distribution sees pre-tax losses over £30M for 2019
Distribution management for Chilled food firm, NFT Distribution Holdings – which is currently a part of the EV Cargo Group is searching for a buyer after a report showing losses at over £30m. 

Currently with over 1,900 staff and providing haulage for major chains such as Sainsburys, NFT was acquired by Phoenix Equity Partners in 2014 at which point the firm was valued at £60m. Recently, MD Mel Brockhouse resigned from the firm.

In 2019, Brockhouse and Aaron Scott received promotions and became joint MDs for NFT in January. They replaced Chief Executive Ross Eggleton, who departed the firm and became a senior adviser at parent company EV Cargo’s base in Hong Kong. Brockhouse had oversight over all operations in NFT for the remainder of the year. 

NFT had the support of Price Waterhouse Coopers to find a buyer after the latest results from their annual income was revealed, showing that their turnover had increased to £333.9m and pre-tax losses plunging to £30.8m

The year before hand, pre-tax losses were at 14.1m with a turnover of £202.2m. With a lack of improvement as far as costs are concerned, the company’s woes have been made all the more clear.

Speaking on the matter, was a spokesman for NFT: "Over the last few months NFT has undertaken a strategic review of its business with a view to addressing some operational challenges and repositioning for the future."
Addressing their challenges and overcoming the obstacles as far as costs are concerned will ensure NFT’s future stability, as another major firm that the haulage industry can’t afford to lose due to the costs of everyday operations.  Should NFT find a buyer, the next steps will be to recuperate losses, plan ahead for 2020 and beyond and secure the future of the company.
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