Founded in Eccles in 1998, Cardinal Global Logistics began with a modest £15,000 business loan. Over the years, the company has experienced remarkable growth, expanding into an international enterprise with over 40 offices, serving more than 6,000 clients, and generating revenues exceeding £500 million.
To commemorate its twenty-fifth anniversary, Cardinal Global Logistics has joined the ranks of an increasing number of employee-owned businesses, with approximately 1,000 such models currently operating within the UK. This transition enables every member of the staff to participate in the company’s annual profits, ensuring a fair distribution of financial benefits among employees.
Moreover, employees will be actively involved in shaping the future trajectory of the Cardinal Partnership, encompassing the renowned Far Logistics and Cardinal Global Logistics brands. By adopting this employee-ownership model, Cardinal Global Logistics aims to preserve its distinct company culture, which has been lauded in the logistics sector for its technological advancements, transparency, innovation, and unwavering commitment to delivering exceptional service and value.
The Restructuring Advisory team at FRP, led by Partner Anthony Collier and Director David Bonner, played a crucial role in providing comprehensive financial due diligence to support the funder throughout the transaction process.
Brian Hay, the CEO of The Cardinal Partnership, expressed his enthusiasm for the shift, stating,
“Our decision to become an employee-owned business will be transformational. We firmly believe in rewarding excellence and dedication, and we are fortunate to have some of the most talented professionals in our industry. Over the past 25 years, we have elevated the company from a £15,000 investment to one of the most esteemed and substantial logistics businesses in the UK. Undoubtedly, this transition will propel us to the next level, and I eagerly anticipate what lies ahead.”
Anthony Collier, Partner at FRP, highlighted the benefits of employee ownership trusts, describing them as an appealing succession tool for business owners and employees alike.
He emphasized their capacity to maintain a company’s culture while fostering heightened engagement and productivity. Collier expressed pride in FRP’s role in supporting Cardinal Global Logistics and HSBC UK throughout the transaction, enabling the company to embark on a new chapter in its journey with confidence. He expressed confidence that Cardinal Global Logistics has another 25 years of continued success on the horizon.