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This is part of a case series. The cases can be used together or alone. This case was written to illustrate the issues surrounding the restructuring of National Freight Corporation's (NFC) distribution activities. It concentrates on the problems faced by the new MD and Marketing Director in seeking to rationalise their existing portfolio (of 13 assorted brands) into a new company 'Brand' following Stock Market flotation in 1989. The name of the company that was launched, 'Exel Logistics', does not appear in the case, and not all students will be aware of the outcome. Main teaching issues centre on the strategic objectives of the company, the evolution and launch of an 'umbrella' brand for all distribution activities, and the move to market logistics as a package. The (B) case moves on to look at the organisation after the launch of Excel Logistics and its efforts to internationalise its brand.