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New £3m Investment pushes ParcelXchange forward

Business Direct, a leading specialist provider of logistics solutions to the field service engineer market and developer of the award winning ParcelXchange intelligent locker box distribution system, has raised a further £3m that underpins the business in 2007 and beyond.

The new £3m investment will also provide sufficient working capital for further research and development to add value to the existing network of 4000 secure ParcelXchange intelligent deposit and collection lockers usually located at petrol station forecourts and supermarkets throughout the UK.

ParcelXchange has already demonstrated strong growth in its core service engineer marketplace in the computer, consumer electronics and engineering sectors. The new investment will be used to expand the ParcelXchange secure overnight concept to other sectors where asset utilisation and efficiency gains have not yet been fully realised.

From mid 2007 a more flexible and modular ParcelXchange will replace those currently near to capacity. These new modular units will expand the planned national network to approximately 10,000 lockers in 500-600 locations by the end of 2010.

The new £3m injection of funds into the business will also help develop opportunities for Business Direct's specialist business: two-man, technical and same day deliveries to cross sell with ParcelXchange and 'in boot' customers, to be able to offer a seamless service across the existing customer base in the consumer electronics, engineering and computer supplies sectors.

“This is excellent news for our existing customers, the management team and all our staff which gives us real confidence to move forward positively in 2007 and continue to deliver exceptional customer service and provide innovative solutions to a wider range of customer groups,” commented Chief Executive Paul Carvell. “The ParcelXchange infrastructure will also provide us with the base to develop credible B2C solutions, once our initial development plans are in place”.

Business Direct was founded in 1993 with headquarters in Rugby, and was the first stock market quoted intelligent box company. The company now employs over 400 people at 12 depots across the UK with an annual turnover in excess of £16m.

ParcelXchange is a technically advanced drop box distribution system for companies with a need for a secure delivery solution. Normally located on petrol station and supermarket forecourts the 4000 lockers provide field based personnel with 24/7 access to highly secure visible sites with easy vehicle access.

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