25 May 2012

Tanfield wins Sainsbury order

02/12/2009 Robert Tyerman

Tanfield Group has won an order from retailer Sainsbury's for 51 of its Edison electric vans

Tanfield Group has won an order from retailer Sainsbury's for 51 of its Edison electric vans

Electric vehicle maker Tanfield has won an order from retailing giant J Sainsbury for 51 Edison electric vans.

The AIM-quoted company says the vans will be delivered in the first half of next year for deployment in Sainsbury’s London online grocery delivery service. The deal will make Sainsbury one of the largest operators of commercial electric vehicles in the UK.

Tanfield, which has also won the fleet management contract for the Sainsbury vans, is emerging from a traumatic period. Having lost £88.5 million after asset impairment costs in 2008, the company’s deficit the first half of this year fell from £65 million to £11 million.

Shares in Tanfield, floated at 165p in 2000, fell all the way to 16.5p within the past year. They have now perked up to 33p, valuing the company at £24.5 million.

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Tags: AIM, Deals & contracts, Renewables

Sector: Automobiles & Parts

Companies: Tanfield

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