The new chief executive of Wincanton set out his plans for turning around the haulage company yesterday after its losses topped £25m.
Eric Born will focus on strong growth areas and strip out underperforming operations, starting with the sale of three European units for £41.5m.
Wincanton employs 26,000 people across Europe and boasts Sainsbury's, WH Smith and Comet among its clients.
The group reported pre-tax losses of £25.9m in the year to 31 March, compared with a profits of £3m the year before. It is expected to take a hit this year after Focus DIY, one of its customers, went into administration.