Coral Products snaps up neighbouring plastics manufacturer
Plastics manufacturer Coral Products has acquired a nearby business for £300,000.
Coral will pay Manchester-based Manplas a cash payment of £200,000 and the issue of 625,000 ordinary shares at a price of 16p per ordinary share with a total value of £100,000, which are subject to a 12-month lock in arrangement.
Manplas, which is led by Joseph Green, Robert Stokes and Ian Thomas, 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 among others.
As per the unaudited financial statements for the year ended 30 June 2021, Manplas’ turnover for the year to 30 June 2021 was £2.7m with a pre-tax loss of £29,000.
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 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.”