A YORKSHIRE-based company has bought the manufacturing arm of one of its competitors as it prepares to hire more sales staff.
Sheffield-based Storopack UK, a manufacturer and distributor of protective packaging products, has acquired the facilities with £1.45m in funding from Santander Corporate & Commercial.
Storopack UK’s performance has received a boost from the sharp rise in home deliveries on the back of the UK’s e-commerce boom. The business manufactures loose fill material and distributes air, paper and foam packaging systems. The firm is part of Germany’s Storopack Hans Reichenecker group, which employs more than 2,500 people worldwide and has an annual turnover of 300m euros. Storopack UK has acquired FP International UK’s Loose Fill division, which is a production facility based in Brackley, Northamptonshire.
It has become Storopack UK’s second production site in the UK. FP International’s production team has been retained, alongside key administrative and financial personnel. Storopack Group plans to increase earnings organically and through acquisition.
Richard Pulfrey, managing director of Storopack UK, said: “We have been able to seize this opportunity to add real value to the business.
“The acquisition will help both with our manufacturing capabilities and distribution, with the site in Brackley becoming a transport hub for much of our business in the South.”