Northgate drives back into the black by £9.6m
Your support helps us to tell the story
As your White House correspondent, I ask the tough questions and seek the answers that matter.
Your support enables me to be in the room, pressing for transparency and accountability. Without your contributions, we wouldn't have the resources to challenge those in power.
Your donation makes it possible for us to keep doing this important work, keeping you informed every step of the way to the November election
Andrew Feinberg
White House Correspondent
The commercial van hire company Northgate said it had swung back into the black after cracking down on costs and obtaining higher prices for its second-hand vehicles.
The Darlington-based business, which operates in the UK and Spain, is close to completing a restructuring which will see its hire companies cut from 20 to 12 and brought under a common brand, saving an annual £10m from next year.
Depot numbers have been cut from 80 to 65 and Northgate shed 131 jobs – 6 per cent of its staff – over the year. These measures and a £6.5m boost from recovering second-hand prices helped Northgate to make a pre-tax profit of £9.6m for the year to 30 April – bouncing back from a £195.6m loss.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments