Royal Mail's GLS buys Spanish parcels delivery company for €16.5m

Royal Mail’s European parcel delivery business, General Logistics Systems, has bought Spanish express parcels delivery company, Redyser Transporte, for €16.5m (£14.5m).

Based in Murcia, Redyser predominantly serves the express parcels segment, delivering around 14m parcels annually. It operates through a network of over 200 agencies and franchises and 12 own operated sites in Spain's main cities.

Royal Mail said the acquisition will further enhance GLS Spain's domestic offering and strengthen the company’s position as Spain's second-biggest express parcels network following its acquisition of ASM Transporte Urgente in June 2016.

In the year to the end of December 2017, Redyser, which will be consolidated within Royal Mail’s existing Spanish operations, generated revenue of around €45m.

GLS chief executive Rico Back said: "Following the successful acquisition and integration of ASM, Redyser supports our strategy to scale up and grow existing businesses in our core markets. Redyser will help GLS provide a broader offering and expand our presence. Redyser customers will benefit from a strong European network."

At 1040 GMT, Royal Mail shares were up 0.2% to 470.52p.