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Ex Dragon’s Den star Hilary Devey sells Pall-Ex

And the new owners have not ruled out floating the £85m turnover business further down the line

Hilary Devey(Image: Victory Television)

Ex Dragon’s Den star Hilary Devey is selling Pall-Ex – the European haulage giant she launched more than two decades ago.

The company’s founder, owner and chairwoman, who first gained national celebrity on TV’s Secret Millionaire, has struck a deal to sell the business to its network members and management team.

The £85 million turnover business, which is headquartered at Ellistown, near Coalville, Leicestershire, runs networks in eight European countries, operating in 26 nations all together.

The sale price has not been revealed. Contracts were signed on October 15, with completion anticipated for October 31.

Old line-up: Dragon's Den's Hilary Devey, Duncan Bannatyne, Theo Paphitis, Deborah Meaden and Peter Jones(Image: bbc)

It employs around 400 people directly in the º£½ÇÊÓÆµ, while its wider network supports around 8,000 jobs. The business turned a profit of around £2.5 million last year.

Ms Devey, who started Pall-Ex in 1996, has decided to step away from the day-to-day running, but will continue in an ambassadorial role to help develop its international services.

The group uses its members to move pallets for one another. Most of its º£½ÇÊÓÆµ freight passes through its central Leicestershire hub, and it has similar hub and spoke operations in its member countries.

Group managing director Kevin Buchanan – who becomes the biggest individual shareholder – said ownership will be split 30-70 between the board and its 50-or-so member companies, which are mostly in the º£½ÇÊÓÆµ.