Peel Ports Group has expanded its empire by buying Great Yarmouth Port Company Limited.

The Group has purchased Great Yarmouth from International Port Holdings for an undisclosed amount, but it is estimated to be around £50 million, as reported by The Telegraph.

Peel is privately owned and it currently also owns Liverpool and Glasgow docks, making it the second-largest operator of ports in the UK.

Great Yarmouth port services the UK sector of the southern North Sea offshore oil and gas industry, reports Logistics Manager.

Last year alone, Great Yarmouth port's annual accounts reflected a £10.9 million revenue and profits of £4.5 million.

Speaking on the purchase, Mark Whitworth, chief executive of Peel, said that the port was a "welcome addition to our portfolio and will complement our business by providing geographical and commercial diversification".

Graeme Charnock, financial director at Peel Group, has extolled the virtues of Great Yarmouth port, making particular reference to its capabilities for services expansion, which seem likely under the new merger.