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Portico secures £20m investment

[ October 15, 2024   //   ]

Portsmouth cargo terminal operator Portico Shipping Ltd, has secured £20m of investment following approval from its owners, the City Council. The investment will go towards changing the site layout to handle cargo more efficiently and creating more space and new equipment to meet a growing portfolio of general cargo. 

This decision follows an independent report of Portico’s business, which concluded that capital investment would provide the best financial return for the council. 

Recommendations include working more closely with teams at Portsmouth International Port and developing Portico to manage an increase in opportunities by creating a port services provider, Portico Services. 

Portico remains the UK market leader for banana imports and has a growing cargo portfolio, which includes containers, aggregates, agribulks, project cargo and general ad hoc cargo. More recently it has expanded its specialist services, with the launch of Portico Logistics, a customs agency, freight forwarding, transport and warehousing division.

Leader of Portsmouth City Council, Councillor Steve Pitt,  said: “Following a robust independent review, experts recommended that capital investment would secure Portico’s future and its growth as a marker leader, while returning an investment for the council. 

“Recent global and national events have hampered Portico’s ambitions. The creation of the government mandated Border Control Post (BCP) caused a reduction in Portico’s land and ability to fulfil commercial opportunities, changes to BCP implementation and planning delays for the development of an aggregates terminal all contributed towards causing an estimated £12m in lost revenue over five years.”

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