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Cardiff Stevedoring bounces back with BirdPort buy.
(From Lloyds List)
IN APRIL this year Cardiff Stevedoring bought BirdPort, a small wharf outside Newport formerly owned by Bell Lines.
It paid an undisclosed sum to take over cargo handling there from the Bird Group, which bought the site after Bell Lines closed it in 1994.
The move allows Bird Group to focus on property activities and Cardiff Stevedoring to expand on the River Usk, where it acts as stevedore at Lysaghts Wharf for traffic for the Orb Steel Works for P'O Forwarding.
Part of Cargo Services (UK), Cardiff Stevedoring was formed in 1997. It was hit hard when Allied Steel ' Wire went into receivership in 2003.
ASW generated 60% of Cardiff Stevedoring's traffic and owed more than GBP120,000 ($219,000) to it and its subsidiaries when it closed.
However, it returned profits of GBP56,000 on a turnover of GBP6.5m last year and expects to double profits this year and achieve a turnover of more ...
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