Accrol in 10-year warehousing deal
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Lancashire toilet roll manufacturer Accrol Group has taken on new warehousing facilities, after announcing a strong year of growth in its first year as a publicly listed business.
The Blackburn-based company, which manufactures around 16 million toilet rolls each week and has a 50% share of the discount sector, has agreed a 10-year lease with Orbit Developments on a 368,000 sq ft warehouse in West Lancashire.
The warehouse will store finished goods and provide central distribution facilities to all UK customers, enabling Accrol to simplify and consolidate its existing warehouse facilities.
The news comes as the company confirms that it has performed in line with market expectations in its maiden year as a listed business, despite what it described as ‘challenging macro-economic factors’.
Steve Crossley, Accrol’s chief executive, said: “We have continued to make progress with our growth plans, extending our relationships with both new and existing customers and investing in our infrastructure for the future.”
The company floated on the AIM in June last year, raising £63.5m and giving it a market capitalisation of £93m, in a move which saw private equity firm NorthEdge Capital achieve its first exit, but retain a 15% stake.