M&S acquires logistics firm in £145m deal
By Sarah Wood | 21st July 2022
Marks & Spencer has acquired the firm which already provides the majority of its food logistics services, in a £145m deal.
Gist is a temperature-controlled contract logistics business, offering primary logistics (from supplier to depot) and secondary logistics services (from depot to store). It has worked with M&S as its principal customer for decades.
The retail giant, which has stores in Cheltenham and Gloucester, believes the acquisition will help create a more efficient and effective supply chain, including the elimination of contractual fees and costs.
Stuart Machin, M&S chief executive, said: "M&S has been tied to a higher cost legacy contract, limiting both our incentive to invest and our growth. The last two years have shown what can be achieved by working collaboratively alongside our partners at Gist.
"This has given me confidence that now is the time to take action and remove an impediment to our growth. We have therefore acted decisively to acquire Gist, taking control of our food supply chain for the first time in our history. This is the first step in a multi-year plan which will transform the entire supply chain."
Gist employs around 5,800 staff. Its CEO will continue to lead the business and report to the commercial director of M&S Food.
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