Selling its records management business last year enabled Chippenham-based logistics group Wincanton to greatly reduce its debts and boost its pension scheme, it said in a trading update today. 
The firm offloaded Wincanton Records Management (WRM) to Surrey-based document management firm Restore for £60m on December 8.
Today Wincanton said it had used £50m of the proceeds towards its £75m debt facility with M&G, resulting in a reduction in its average net debt and the cost of servicing it.
It also made a £7m contribution to the Wincanton Pension Scheme, taking its total contributions to the scheme over the past year to £21m.
Wincanton, which operates more than 4,000 vehicles and employs 15,500 people across 200-plus sites in the UK, said its trading had been in line with expectations. The update came ahead of its results for the year to March 31, which will be announced on June 9.
Wincanton shares closed up 12% – or 18p – at 168p.
