Swindon-based logistics company Connect Group, formerly Smiths News, has announced it is to sell courier firm Tuffnells in a £15m deal. The Swindon-based distributor of newspapers, magazines, books and consumables has entered into a conditional share purchase agreement with Palm Bidco to dispose of the Big Green Parcel Holding Company and its subsidiaries, including Tuffnells Parcels Express.

In the financial year ended to last August, Tuffnells, which from a network of 36 depots and a head office in Sheffield serves approximately 4,000 businesses, reported an adjusted operating loss of £14.1m on revenues of £164.4m.

Gary Kennedy, Connect Group chairman, said:

  • "After conducting a detailed strategic review, we have concluded that the sale of Tuffnells is the right option for the Group and in the best interests of all stakeholders.”