CHEP, the pallet and container pooling solutions provider, has divested an initial 20% share in its Fishbox business which serves the Scottish fishing industry.
The agreement will see the formation of a new company that will be jointly owned by CHEP and David Morgan, the current general manager of the Fishbox business, based in Peterhead.
The new company will be called Boxpal Limited and will start operating from July1. Initially, CHEP will retain 80% of the business and this share will reduce to 55% over a three-year period. All assets and liabilities of the Fishbox business will transfer into Boxpal Limited which will be a subsidiary of CHEP UK Limited and therefore remain part of the Brambles Group. As such, the new business will continue to operate as CHEP.
As a result of this change, all Fishbox employees will transfer from CHEP UK Limited into Boxpal Limited on June 30.
CHEP’s Fishbox business has grown in recent years, and this expansion has resulted in the refurbishment of its plant washing facility at Upperton near Peterhead, the purchase of a new portable wash machine, and the purchase of new fish boxes to replenish the existing equipment pool.