Cargostore Worldwide Completes Acquisition of Reftrade UK and Environstore

Greg Spence, Managing Director of Reftrade UK and Environstore (Left) with Cargostore Worldwide CEO, Andrew Hart (Right)

15/04/2025

Cargostore has officially completed its first acquisition in our 30-year history and we couldn’t be more excited. We’ve welcomed two well-established Aberdeen-based businesses into the Cargostore Group; Reftrade UK and Environstore. This multi-million-pound deal marks a major milestone for us, and with continued investment from Connection Capital LLP and Agathos Management LLP, we are entering a new phase of growth whilst enhancing our support for clients across the UK and around the world.

Why Aberdeen? It’s one of the UK’s key offshore logistics hubs and the perfect base for scaling our presence in Scotland, the North East and East Anglia. With this acquisition we’re now able to rapidly mobilise a broader range of high-spec DNV 2.7-1 and ISO certified containers, right where our customers need them most.

By bringing Reftrade’s Zone 2 ATEX approved EX refrigerated containers into our offering; ideal for hazardous offshore and pharmaceutical environments, alongside Environstore’s range of mudskips for drilling and decommissioning projects, we’re significantly expanding our capabilities. These additions strengthen our ability to support critical sectors including offshore wind, decommissioning, clean energy and pharmaceuticals.

Clients of Reftrade and Environstore will now also benefit from full access to our extensive fleet of DNV 2.7-1 and ISO certified Cargo Carrying Units (CCUs).

This acquisition also gives a major boost to our Intermodal Division, particularly in the cold storage space. With Reftrade’s ATEX approved reefers joining our line-up, we’re even better placed to support the pharmaceutical and humanitarian sectors where reliable, regulated temperature control is essential.

It’s not just about expanding products, it’s about continuing to deliver during critical moments. Both Cargostore and Reftrade played key roles during the UK’s COVID-19 response, rapidly deploying cold storage units for testing and vaccination. Now, our combined expertise will further strengthen our ability to support defence, government and aid clients with fast, reliable and compliant storage and logistics solutions.

Last but not least, the agreement includes the acquisition of a fleet of DNV accredited offshore drill cuttings skips. These skips are crucial for compliant waste management in drilling and decommissioning projects and are now available for lease or sale across global offshore energy markets.

Andrew Hart, Cargostore Worldwide CEO, said: “Over the past five years Cargostore has organically grown from strength-to-strength by developing an exceptional reputation, which is testament to our knowledgeable, attentive and friendly team supporting clients with the deployment of high-quality, safe and innovative containers across the world.

“The transition to renewable offshore energy sources, decarbonisation and decommissioning has been a core part of Cargostore’s growth story alongside supporting the global demand for clean gas and oil. This is an exciting moment as we fast-track our global growth through key strategic partnerships, new products, new geographies and for the first time, acquisitions. In other words, we’re just getting started…”

As of April 2025, Reftrade UK and Environstore will be 100% owned by Cargostore with no change planned to the existing management and operational teams within both companies. Greg Spence, who has held the role of Managing Director of both Reftrade UK and Environstore since their inception, and Martin Baxter who is an existing director, will be supported by the Cargostore management team to take the businesses to the next level.

Greg Spence, Managing Director of Reftrade UK and Environstore, commented: “The acquisition comes at a time of significant growth for all three companies and is the natural next step to collectively enhance our position as a global leader in the safe and timely delivery of the latest industry accredited refrigerated containers and temperature controlled units.

“There are many synergies between the companies; our people-first approach to service ensures our customers and talent are prioritised, and we are proud to offer the best equipment fitted with state-of-the-art features, which exceed the highest health and safety standards in the UK and Europe. This commitment to quality and service is what Reftrade UK and Environstore has become known for, and we will continue this through Cargostore.”

We’re incredibly proud of this next step in the Cargostore journey. More equipment, more expertise, more reach, with the same committment of high-quality products and support to our client base.

For more information, or to lease our new range of products, contact us today at offshore@cargostore.com.