Relaunched Fone Logistics' bid for profit

Nov 13 2009 by Andrew Mernin, The Journal

“The structure that has been in place has held us back to some degree but this transaction resolves this and will allow us to kick on and do the things we want to do.

“The plan three years ago was for me to take more of a back seat in the day-to-day running of the business but since then, with my reacquisition of the share capital and the economic climate the way it is, things have changed.

“So, for the future well-being of the company and its employees we have performed this transaction to improve our position and create greater stability.”

Two years ago Fone Logistics saw its turnover plummet from £100m to £79m in a year in which it lost a major contract with Vodafone and sold 14 shops.

The company is now hopeful of landing new contracts in the coming months after being named by O2 as its best distributor in the third quarter of the year.

In 2007 Mr Gillespie was a runner up in the North East Business Executive of the Year award run by The Journal and its sister paper, Middlesbrough’s Evening Gazette.