Cardinal Global Logistics sells majority stake to employees
A Manchester-based logistics company that made a £50 million profit last year has turned down three private equity suitors to sell a majority stake to its 400 employees.
Cardinal Global Logistics, which moves 100,000 shipping containers and over four million kilos of air freight each year, struck the deal to hand a 68 per cent stake to an employee trust to preserve its culture and reward its teams for the long-term performance of the 25-year-old business.
Brian Hay, the co-founder and chief executive who set up the business with two partners and £15,000, said the decision had “protected our legacy… and democratises ownership”.
“There are many businesses that become employee-owned as a result of a failed trade or private equity bid, this isn’t one of
