HUTTON’S ACQUIRES LARS KNUTSEN & CLODE

PRESS RELEASE – embargoed to 00.01am Wednesday September 1st
For Immediate Release 1 September 2010
Ref: 1053

Hutton’s has announced its acquisition today of ship supply company Lars Knutsen & Clode in a move which further enhances Hutton’s position as the UK’s leading ship supplier, with a national network able to supply all British ports.

Established in South Wales more than 100 years ago, Lars Knutsen & Clode (LKC) has a strong history in ship supply. The company’s network boasts 8,000 sq ft of warehouse facility in Pembrokeshire with full bond, ambient, freezer and chilled facilities and Unitor stock which is superbly placed to supply Pembroke and the Milford oil and gas industry, South Wales and South West UK. In addition its 3,500 sq ft of warehousing in London with full bond, ambient, freezer and chilled facilities is ideally positioned on the Thames to supply London, Harwich, Dover and South East UK.

With a turnover of £4.5million and a client base which includes James Fisher, Fastnet Ferries, Irish Ferries and Gulf Offshore, LKC is a successful company with 16 staff including Managing Director David Thompson, descendant of the company’s founder, who will remain onboard in a sales development role and be fully involved in incorporating LKC into the Hutton’s business model.

Hutton’s Managing Director Alex Taylor said: “This latest acquisition will further strengthen Hutton’s position in Wales and the South of England, providing Hutton’s with additional bases to supply ships in the local ports. This addition will benefit our customers and further increase our buying power and logistics network.”

This is the fourth acquisition for Hutton’s in the past five years. The company previously purchased Admiral Marine’s Edinburgh office in 2005, Marine & Offshore Medical Supplies (rebranded Hutton’s Medical) in 2005 and Pan Europe in 2009. In addition, organic growth has led to the opening of an Aberdeen branch in 2006, with further expansion at this location in 2009.

Alex Taylor added: “Over this five year period Hutton’s turnover has increased from £2.5 million to £7.5 million and, with the addition of LKC’s £4.5 million turnover, we are set to have an annual turnover of at least £12 million which secures Hutton’s future.”
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notes to editors follows . . . 2
/2 HUTTON’S ACQUIRES LARS KNUTSEN & CLODE

Notes to Editors:

• Hutton’s has developed as the UK’s one-stop shop facility providing the full range of products and services to the International Shipping and the Offshore Industry.

• With a history dating back almost 200 years, Hutton’s ensures the highest standard are provided to customers fromits branch network covering all UK ports.

• Having the UK’s largest branch network ensures that most of the UK’s ports are no more than 2 hours from a Hutton’s depot.

• Hutton’s boasts first class facilities and a fleet of state-of-the-art climate controlled vehicles which deliver a full range of food and technical products to customers.

• Hutton’s will be exhibiting at the forthcoming IMPA (International Marine Purchasing Association) event in London from September 15th to 16th.

For Further Information Please Contact:
Elaborate Communications:
Sean Moloney / Debra Munford Tel: +44 (0)1296 682356
Website: www.huttons-chandlers.com

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