CitySprint to acquire CYC Logisitics
Surrey-based distribution group CitySprint is to acquire CYC Logisitics which will support its growth plans and increase its operations to almost 3,000 couriers and 40 service centres.
CYC is a same day delivery courier based in London. The deal will give CYC customers access to CitySprint's distribution network, which "can reach 87 per cent of the UK mainland population in less than an hour".
As part of the acquisition, all CYC employees will transfer to CitySprint.
Patrick Gallagher, chief executive of CitySprint, hailed the deal as the "second biggest in our history", adding that it is a "major and exciting milestone" for the business.
Tony Fry, managing director of CYC, added: "I certainly believe both companies will be stronger together and look forward to sharing the benefits with all of our clients and employees."