Scottish haulage firm makes 'business as usual' pledge after equity-backed buyout

Bullet Express, the Scottish haulage and distribution business founded more than 30 years ago, has been acquired in a private equity-backed management buyout led by its managing director.

Bullet Express co-founders Gary Smith (left) and David McCutcheon flank the company’s new CEO, John McKail, who led the MBO. Picture by Jamie Simpson

The multi-million-pound deal has been backed by Panoramic Growth Equity, an investor in UK-based small and medium-sized enterprises (SMEs), and Maven Capital Partners. Maven’s partner, London-based Emerald Capital, was instrumental in the management buyout (MBO) discussions from the outset and will support ongoing developments.

The Bothwell-headquartered company’s founders, cousins David McCutcheon and Gary Smith, will step down from the Bullet Express board and assume advisory roles, to support the senior leadership team with business transition. Both will retain some shareholding in the business. Managing director John McKail will become group chief executive and shareholder, supported by the existing directors - Bridget Mackay, William Herron and Martin Craghill.

The investors will play no part in the day-to-day running of the business, which will be managed by McKail and his wider team on a “business as usual” basis. McKail said: “This is a significant milestone for our business. Bullet has achieved so much and our founders can be extremely proud of the fantastic organisation they have built, employing many of the best people in our sector.

“With the support of my full team, I am excited to lead the next phase of our journey as we embark on a ‘build and grow’ strategy with our investment partners. This is a fantastic opportunity for Bullet Express employees, customers and suppliers alike, to be part of one of the most exciting developments in our sector, now and into the future.”

In a joint statement, founders McCutcheon and Smith said: “This has been our life’s work. To witness the growth and evolution of Bullet has been the most fulfilling experience. From one vehicle back in 1990, to the leading market brand we are today, employing 160 people is quite remarkable. We remain invested and now hand over the baton to John and his team, supremely confident that Bullet is in safe hands for the next chapter of its growth story.”

Last year, Bullet Express opened a major 67,000-square-foot storage centre, located next to Glasgow airport at Westway.

Jobs in offing as logistics group opens new facility near Glasgow Airport