Portmeirion acquires home fragrance manufacturer
Portmeirion, the manufacturer, designer and distributor of homewares has acquired home fragrance manufacturer AromaWorks for £440,000.
The Stoke-on-Trent-based firm, which operates under the Portmeirion, Spode, Royal Worcester, Pimpernel, Wax Lyrical and Nambé brands, is set to add to its existing home fragrance business, Wax Lyrical.
Portmeirion says it expects to deliver on cost synergies and cross-selling opportunities within the first twelve months.
AromaWorks manufactures a range of home fragrance products using essential oils in the health and wellbeing category with a retailer customer base in the UK and US.
For the year ended 31 December 2021 (unaudited), AromaWorks had sales of £4.1m and a headline profit before tax of £300,000.
Mike Raybould, the CEO of Portmeirion said that AromaWorks, “has established an impressive base of UK and US customers in the last few years and is highly synergistic with our existing home fragrance business, Wax Lyrical.
“We have invested significantly in the last 2 years in our UK manufacturing and testing facilities and this gives us a great opportunity to further leverage both our production capabilities and our global sales infrastructure as part of our strategy to grow our sales alongside improving the Group operating margins over the next 3 years.
“AromaWorks has successfully opened its first US market customer account listings in the past six months and we look forward to supporting and enabling growth in that key market through our existing US sales and distribution operation.”