One of the bosses behind distribution service Palletways doesn’t expect the outcome of the EU Referendum to “substantially affect how the business operates”.

Palletways Group CEO James Wilson told MotorTransport.co.uk that the UK transportation and logistics industry would face new challenges as Britain’s withdrawal from the EU was worked out.

However, he insisted that the company’s well-established European presence made it “well placed to respond to these challenges”.

Britain’s formal departure from the EU could take up to two years, but Palletways UK MD Luis Zubialde suspects that the industry could feel the effects of Brexit much sooner.

Also speaking to MotorTransport, Mr Zubialde said: “As a company, we thought it would be better to remain, that’s where we positioned ourselves.

“Myself, I am astonished and sad. But I respect every opinion, and this is what the people have decided. We remain very optimistic for the future.”

Palletways is Europe’s largest provider of express palletised distribution services, with more than 400 depots in 13 European countries.

The business was acquired by Imperial Holdings Limited at the start of June for £163 million.