Boston logistics business Mason Brothers Cold Storage and Grading Services Limited has acquired P F Booth and Son Transport and Warehousing following the death of its previous owner.
Mason Brothers Cold Storage and Grading Services Limited, which dates back to 1961 and has its headquarters at Fairfield Farm in Swineshead, specialises in haulage and storage linked to the agriculture sector.
The business has acquired P F Booth and Son Transport and Warehousing also located at North End.
Richard Mason, Managing Director of Mason Brothers Cold Storage and Grading Services Limited said: “The Mason and Booth families have been close friends for three generations stretching to almost 60 years and after the tragic death of David Booth last year we acquired the business together with the site.
“Both businesses will carry on as before with staff continuing to serve their regular customers allowing Mason’s growing storage business to develop.
“The acquisition has happened very quickly and a fleet of newly purchased Mercedes trucks with new livery will operate from the North End base.”
Barclays has provided both term debt and working capital to the Mason Group who have traded for over 50 years and now employ over 128 staff.
Turnover for the newly combined business is expected to exceed £14 million in the current year.
Alastair West, Barclays Relationship Director said: “This acquisition has been an excellent strategic move for Richard and his team, providing the business with more storage space that they now own and reducing overhead costs.
“This deal is pivotal for the business and I hope we see more Lincolnshire businesses taking advantage of market conditions, expanding for the future and contributing to the local economy.”