Peel adds Great Yarmouth to portfolio

It has been acquired from International Port Holdings for an undisclosed fee.

Mark Whitworth, chief executive of Peel Ports, said: “GYPC will complement Peel Ports core ports business by providing both geographical and commercial diversification. It is a very welcome addition to our business portfolio.”

He added: “Bringing together customers and commodities served by both businesses will present a sound base for exploring future growth opportunities. This includes decommissioning, where GYPC’s market position has the potential to further enhance Peel Ports existing strategic assets.”

GYPC is a leading player in servicing the UK sector of the Southern North Sea offshore oil and gas industry.

It reports revenue of £10.9m and an operating profit of £4.5m, currently employing 65 employees who are all located in Great Yarmouth.

“The acquisition is fully aligned with our growth aspirations and strengthens Peel Ports as a leading UK Ports Group,” concluded Mr Whitworth.