NETE Buys 15 HiQ Outlets

“These are very positive acquisitions for us and we believe they will not be the last…We set ourselves targets and we are pleased to say we have achieved them. These acquisitions help us further along the path of our strategic plan. We have secured 84 jobs and our people now have an opportunity to develop themselves in our business,” managing director Gavin Marshall told nebusiness.co.uk Marshall took the decision to the 15 new sites as part of Goodyear Dunlop’s accelerated franchise programme at the end of last year. The tyre retail depots, which will remained under the HiQ banner, are situated in the North-east and Yorkshire, seven of them between the Tees and the Tweed. In addition to the HiQ branches, NETE runs a further nine depots in the North-east and Yorkshire. The company’s results for the year ended 30 September 2008, show turnover rose from £39.9 million to £43 million, while pre-tax profits fell from £1.6 million to £1.2 million. Marshall told nebusiness that the market place had become tougher and this had led to margin pressure.