6 Apr 2011

Freight firm buys out rival

2:39 pm on 6 April 2011

The courier company says the purchase will increase its turnover by at least 40% over the next year and double its profitability.

It says its headcount will rise from 17 to 21 full-time employees, and from 65 to 90 contracters.

The acquisition also includes five large trucks, which the company will use to provide on-demand pallet deliveries in Auckland.

Urgent Couriers' managing director Steve Bonnici says while trucking is a new venture, he expects a significant uptake from the company's existing clients.

Mr Bonnici says the company borrowed more than $1 million against personal assets and the business to make the purchase.