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Business & Economy

Panther Logistics triples space as it nudges £100 million turnover

A growing delivery firm has moved into a new base to maintain its growth.

Panther Logistics has taken a 133,000sq ft warehouse at Foxcover Distribution Park, in Seaham, County Durham.

The company was previously housed in a 42,000sq ft space at Follingsby Park, Gateshead.

Bosses say the business needed the additional room to expand having recently begun covering Scotland, while they say it will also help service two of its major clients – home gym specialist Ifit and cooking appliance supplier Kitchen Ex.

Panther, which has gone from five staff and £3 million turnover to 180 workers and close to £100 million turnover over the last ten years, has been supported on the move by Knight Frank.

Chris Holmes, Panther’s director of home delivery, said: “A lot of our original team, from when we were based in Peterlee, stayed with us when we moved up to Follingsby, so it’s great for them to be working closer to home again.

“The new unit is already operating at capacity, so the future is looking bright and we are excited to be going from strength-to-strength.”

Mark Proudlock, partner at Knight Frank who struck the deal, said: “We were up against tough competition for this unit and are delighted to have secured it on behalf of our client.”

Savills and Naylors Gavin Black acted on behalf of the landlord – real estate investor Vengrove – which recently completed a deal to buy the property.

Keith Stewart, from Naylors Gavin Black, added: “The landlord is delighted to welcome Panther as its new tenant at Seaham.

“The unit going under offer, while refurbishment works were still ongoing, is yet further testament to the strength of demand we are experiencing for logistics and industrial space in the region.”