TOM Group, the Scottish fleet and vehicle hire specialist, increased profits during the year it changed hands in a management buyout, writes Scott Wright.
The Airdrie-based company made a pre-tax profit of £3.83 million in the year ended December 31, up from £3.64m last time, according to accounts at Companies House. Turnover increased to £161.m from £141.1m.
The period covered the deal in December which saw Equistone Partners Europe acquire a majority stake in the business, then called TOM Vehicle Rental. Founder and former managing director Jim Rafferty reduced his shareholding as a result of the buyout, which gave it additional firepower to expand. Since then the company has boosted its presence in England with the acquisition in August of sector stablemate Transflex. The deal added around 3,500 cars and light commercial vehicles to the Scottish firm’s fleet.
TOM said that, further to the takeover, it would have a fleet of more than 16,000 vans, trucks, trailers and cars, with a depot network of 15 sites.
Writing in the accounts, chief executive Robert Stewart said: “The management buyout in December in 2016 by Equistone marked a key milestone for the business with another round of growth planned.”
Employee numbers dipped to 569 from 573.
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