GXO's takeover of Wincanton plc

Background

On 29 February 2024, GXO Logistics, inc. (GXO) announced that it intended to make a takeover offer for Wincanton plc, the sponsoring employer of the Scheme.

The Board of Wincanton plc recommended that shareholders accept GXO’s offer on 1 March 2024, and the majority of Wincanton plc’s shareholders approved the takeover on 10 April 2024. The High Court subsequently approved the takeover on 25 April 2024.

As of 29 April 2024, Wincanton plc is now wholly owned by GXO. However, the integration of GXO’s and Wincanton’s businesses is not expected to begin until later this year, as the Competition and Markets Authority are still undertaking their review of the takeover.

What does this mean for the Scheme?

Since first becoming aware of GXO’s offer, the Trustee has worked closely with its advisers to understand the impact of the takeover on the Scheme and to ensure the ongoing security of all members’ benefits in the Scheme. The Trustee has also taken the opportunity to speak to GXO and the Pensions Regulator in relation to the takeover.

Following the takeover, you will continue to be a member of the Wincanton Scheme, and there will be no changes to the benefits you accrue or receive under the Scheme. The sponsoring employers of the Scheme, Wincanton plc and Wincanton Holdings Limited, remain unchanged, and the protections currently provided to the Scheme by those entities will remain in place.

Over time, GXO have indicated that they will assess the Wincanton business and integrate it into the GXO group. The Trustee will continue to monitor the situation and engage with GXO and the Wincanton group to understand any possible impact GXO’s plans will have on the Scheme, and will continue to work closely with advisers to ensure the ongoing security of members’ benefits in the Scheme.

Do I need to do anything as a result of the takeover?

As discussed above, the takeover does not impact the benefits you accrue or receive from the Scheme and the Trustee would like to reassure you that following the takeover, you do not need to do anything.

If, however, you have any questions about the takeover, please contact Capita.