Coral Products PLC on Tuesday said it has agreed to purchase Arrow Film Converters Ltd.
The Manchester, England-based maker of bespoke plastic products said it will buy Arrow from its administrators for a total consideration of £502,899 in cash through its wholly owned subsidiary Film & Soil Solutions Ltd.
Coral said the acquisition was funded without increasing its existing group facilities. An initial cash payment of £202,899 has been made, with the remaining £300,000 due within 14 days of completion.
Yorkshire, England-based Arrow is an approved supplier to UK supermarkets and has current sales demand of circa £1 million per month according to Coral.
Coral Non-Executive Chair Joe Grimmond said: ‘This acquisition propels Film & Foil into the front line of specialist flexible packaging and provides Coral Products plc with capacity toward its medium-term goal of £50 million of production availability.’
A six-month licence has been agreed by Film & Foil to occupy the Castleford facility, with plans to negotiate a long-term agreement for the premises.
Film & Foil will assume approximately 55 employees previously employed by Arrow and intend to run the business.
Coral Products’s shares closed flat at 7.40 pence in London on Tuesday .
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