22 Sep 2022
A Greater Manchester-based specialist in the design, manufacture and supply of plastic products has acquired a counterpart.
Chamber Member Coral Products, has snapped up Manplas Holdings for a consideration of £300,000.
Manplas provides a custom manufacturing service for the production of vacuum-formed components and sheet plastic parts.
Markets supplied include on and off-road vehicles, retail display, leisure and packaging . The vendors were Joseph Green, Robert Stokes and Ian Thomas. Manplas, which is based in Manchester will continue to operate from its existing premises.
Coral has operations in the UK with manufacturing facilities in Wythenshawe and Denton, Haydock, and a distribution facility in Hyde.
The consideration will be satisfied by the payment of £200,000 in cash and the issue of 625,000 ordinary shares in the company at a price of 16p per ordinary share for a total value of £100,000. These are subject to a 12-month lock-in arrangement.
The cash consideration for the acquisition is being satisfied from the group’s existing resources and the consideration shares will be settled from the ordinary shares held by the company in treasury. The business said a further announcement will be made when that occurs.
Executive chairman, Joe Grimmond, said: “These premises adjoin those of our Tatra Rotalac subsidiary and will enable further development of the Tatra Rotalac business by expanding manufacturing space available without the substantial costs involved in increasing the required power supply.
“Furthermore, the services provided by Manplas are complementary to those of our Customised Packaging Ltd subsidiary also based nearby.
“The combined acknowledged expertise of Customised Packaging Ltd and Manplas forms what will be a leading provider of Customised Product protection solutions solving logistic problems across multiple sectors. This is in line with our objective of building a specialist group of businesses which are product and design led.”