Portico Shipping secures £20m investment
UK-based cargo terminal operator Portico Shipping has secured a £20 million investment from Portsmouth City Council, following a favourable independent review of its business.
The report indicated that this capital investment would yield a projected financial return of £30.1 million over the next 20 years, ensuring the future of the global shipping and logistics operator.
“Portico is considered a significant player in the industry and needs investment to match so it can continue to play a critical role in the local and regional economic supply chain,” said Cllr Steve Pitt, leader of Portsmouth City Council.
“Recent global and national events have hampered Portico’s ambitions,” he continued. “The creation of the government mandated Border Control Post caused a reduction in Portico’s land and ability to fulfil commercial opportunities, changes to BCP implementation and planning delays for the development of an aggregates terminal all contributed towards causing an estimated £12m in lost revenue over five years.”
Key recommendations include closer collaboration with Portsmouth International Port and the development of a new port services provider, Portico Services.
The investment will be used to redesign the site to make cargo handling more efficient and to acquire new equipment to meet an increase in general cargo.
“This capital investment secures the future of Portico, allows us to expand our services even further and provides certainty for our major customers,” said Steve Williams, Portico’s managing director.
“This investment will support us to become profitable over the next few years.”
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