Nottingham packaging firm sold to investment vehicle

Tower Growth Management has bought Nottingham-based Visual Packaging (Plastics) (VP) for an undisclosed fee

VP provides packaging for a wide variety of industries, including food, medical and cosmetics.

TGM is an investment firm which says it plans to increased VP’s turnover from £2.6m to £3.3m over the next year by developing 100% biodegradable plastic packaging.

The team is also looking to expand VP’s client base and team, with the recruitment of a designer, business development team and the introduction of an apprenticeship programme.

Directors of VP, Rob Morley and Stephen Webster, set up the packaging firm in 1989.

“Both Stephen and I are incredibly proud to say we’ve built up this brilliant business but we knew that this was the right time to exit and start a new chapter of our lives,” said Morley.

He continued: “We’d spoken to several people interested in the business, but the reason we went with TGM is because the team wanted to drive the business forward, rather than asset strip it. They were also committed to looking after the staff, which was the most important thing to us.

“The TGM team is friendly and really easy to deal with. I’m looking forward to working with them to develop the business, as well as the new flexible working hours.”

The deal has brought about promotions for the company’s production manager, Dave Norton, who prepares to step up to general manager position, and Zoe Allen, who has been promoted to head of sales.

Regional partner of TGM Simon Ashcroft, who has been appointed to VP’s board, said: “We are delighted to welcome VP into the TGM family and I’m really looking forward to seeing where we can take the Company.

“The VP team is extremely loyal to the firm and they pride themselves on their expert knowledge, fast turnaround times and fantastic customer service.”

Managing partner of TGM, Jon Frewin, said: “Our approach to acquiring companies is team-based and I would like to thank the sellers and their advisors for their input during the process.

“We are entering a transition phase where Simon is re-energising the business in conjunction with existing staff, the former owners and engaging with key customers.

“The future is looking very bright with initiatives using recycled and recyclable materials and there’s a strong focus on biodegradables.”