TEL: LONDON +44 (0)20 7920 4800 / MANCHESTER +44 (0)161 641 1000


InBond provides a wide range of logistics services including supply chain management, document management, general and bonded warehousing, distribution and freight forwarding from a 112 acre facility in the North East of England.


InBond’s origins were as Cenargo Logistics, the logistics arm of the Cenargo Group, a diverse conglomerate whose main interest was in shipping. When the Cenargo Group ran into financial difficulty and entered administration in 2003, the Administrators were keen to sell the logistics division as a going concern. Primary had established a strong relationship with an MBI team seeking transactions in the logistics sector and, as a result, we were able to work with that team to acquire Cenargo Logistics in short order, ensuring business continuity for its customers and preserving jobs. We supported the management buy-in of the business in July 2003.

The Big Idea

We believed the business was attractive for a number of reasons. First it occupied a well specified bonded site with a good local labour force providing a high quality, low priced logistics solution to customers. Secondly, we acquired a strong balance sheet, including a freehold site with development potential upside. And thirdly, we were backing a very talented team, who had previous experience of successfully building a logistics business.

The Grand Plan

We reshaped the business into two main divisions – property services and logistics services. The property services division was demerged and sold in 2006. We then focused on developing the remaining logistics business, including the launch of an expanded document management offering and the provision of one-stop, tailor-made logistics solutions.

The Bottom Line

In September 2011, we sold our residual interest in InBond to the management team.

InBond logo

Investment Summary

Date of investment:  July 2003
Deal status:  Realised
Date of realisation:  September 2011
For more information talk to:  Neil Wallace

“Primary provided us with sound commercial advice, and realistic funding parameters. Our first year of operation resulted in a number of challenges: both Neil Wallace and Charles Gonszor provided positive support and encouragement at a difficult time. Within a further two years, a successful strategic realisation was achieved. Other venture capitalists would have tied management's hands when difficult circumstances arose, but to Primary's credit, the encouragement received allowed us to refocus and deliver a successful exit. I have maintained post exit contact with Primary as they are genuine people who I respect and would have no hesitation in working with them again should a suitable opportunity arise.”

Mark Winton, Managing Director, InBond

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