Transport specialist law firm, Backhouse Jones, has advised Halcyon Tankers Ltd on the management buy-out of the Halcyon Tankers division from Hargreaves Logistics which completed on 1st January 2019.
Halcyon Tankers is based in Port Clarence, Middlesbrough. It is a haulage business whose focus is on transporting petroleum and bulk chemicals across the UK. Halcyon Tankers Ltd is a special purpose vehicle set up by Andrew Spence-Wolrich, Ian Elliott and Nigel Barraclough.
Andrew Spence-Wolrich (the former MD of Hargreaves Logistics) and Ian Elliot (former MD of Imperial Tankers) were part of the team which started the Halcyon Tankers division in July 2017. Since then, it has grown from nothing when it recruited its first three drivers to a business with an annual turnover of over £3m.
Ian Elliott commented “We are pleased with the progress of Halcyon Tankers since 2017 and are looking forward to growing it further. We are grateful to all of our customers, staff, drivers and suppliers who have helped make Halcyon Tankers what it is today.”
Brett Cooper, The Head of Corporate and Commercial at Backhouse Jones, lead on the transaction and commented “We are delighted to have acted on the management buy-out of Halcyon Tankers and wish the team all the best for the future.”
Brett was assisted by Charlotte Jackson, who is a solicitor at Backhouse Jones.