Logistics group Wincanton is to sell some of its European operations to reduce its debts.
The Chippenham-based group, which has reported a £25.9m pre-tax loss for the year to the end of March, said it had been hit by a slowdown in its British and French businesses.
It will use the £41.2m from the sale of its German road businesses and logistics operations in the Netherlands to help cut its £152m debt.
Chief executive Eric Born said: “The sale marks an important step in our strategy to focus more closely on areas where we have significant scale and strong growth potential.
"Our objective is to reduce our overall debt, thereby creating flexibility to reinvest in areas of growth and higher returns.
"While we face short-term challenges in order to return the group to profitable growth, we are optimistic of improving margins in the medium term."
The announcement follows Wincanton’s review of its business, which identified an objective to focus on strengthening its leading position in markets where it has significant scale and infrastructure, and to develop areas with higher profit growth potential.
