Broad Oak Support Services to acquire Tuffnells Parcels Express for £15m.

An investment vehicle formed by specialist restructuring advisory firm Broad Oak Support Services agreed to acquire Tuffnells Parcels Express, a UK distributor of mixed freight, specialising in items of irregular dimension and weight, for £15m. "After conducting a detailed strategic review, we have concluded that the sale of Tuffnells is the right option for the Group and in the best interests of all stakeholders. Despite the trading difficulties in recent years, Tuffnells remains a leading player in its specialist field with every opportunity to thrive under new and committed ownership. Within the Group, its disposal will remove the distraction from our strong and profitable news and magazines distribution business, enabling further efficiencies as the Group resizes its central functions," Gary Kennedy, Connect Group Chairman.