La Poste’s international express subsidiary GeoPost has raised its stake in Spain’s Seur groupthrough their joint venture, Seur-GeoPost, buying Seur’s Santander franchise.
The acquisition of Seur Santander, which turned over EUR 7 million last year and employs 83staff, is the seventh franchise bought by Seur-GeoPost, the company 60% owned by GeoPost.
According to Seur, quoted in the El PaÃs newspaper, the joint venture’s purchase of theSantander operation consolidated the alliance between the two groups and represented areinforcement of the development of Seur in the Cantabrian region of Spain.
Seur, with turnover of €574 million in 2005, is one of the leading express companies inSpain, where the market is growing at about 8% a year and is currently worth some EUR 6.6 billionin revenues.
