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Huddersfield-based Bath manufacturer Trojan Plastics is looking to buy businesses which make related products, particularly those targeted for the high-end of the market.
In the last two years, Trojan Plastics invested £1.2m including two new production lines and a new warehouse to store raw materials. It also increased its fleet to 11 trailers and grew its workforce to 180 people. The management team led by the founder’s sons, David and Adam, came to the helm in 2012.
Specialist advisers from Grant Thornton’s tax team in Leeds were brought on board to guide the business and put together a strategy for future growth. The company was first re-structured to separate its manufacturing business from other property assets and over the last two years Grant Thornton has provided on-going tax, accounting and financial advice.
Managing director of Trojan Plastics David Mosley commented: “Having steered the business through some difficult times, we are feeling more optimistic about the future.
“We are fortunate to have an established and loyal customer base in the UK that trusts us and through good management and sound financial advice; we have emerged from the last few years with a healthy balance sheet, cash reserves and no debt. These factors have placed us in a strong position to take advantage of new opportunities not only through organic growth, but also by acquiring complementary businesses within the sanitary ware sector.
“We have recently introduced some exciting new product ranges which add real value and present new opportunities in a variety of markets both in the UK and overseas. We’re looking to build on these developments over the coming financial year and beyond.”
Nathan Patton, manager in tax at Grant Thornton in Leeds, said: “With a solid position in this recovering and growing market, Trojan Plastics has the vision to take the business forward. Not only is it investing in new facilities in-house to add real value with high-end products which extend its existing range of baths, it is now actively seeking to acquire complementary businesses and we look forward to continuing to work closely with this dynamic business as it embarks on the next phase of its growth. It is an exciting time.”
Established in 1975 by Maurice Mosley, the company started life manufacturing 50 baths a week. It has grown into a £17m turnover business, producing over 8,000 baths and 12,000 panels a week.
David Mosley commented on the company’s growth: “Last year we saw the business grow by just over 15% and we are confident that it will continue to gain momentum this year. Over the last quarter demand has been particularly strong, enabling us to create over 60 new jobs in response to sales growth. The business is benefitting from improvements in the UK housing market with our varied customer base across both the private and public sector meaning we are seeing uplift across all customers as well as export opportunities.”
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