Toiletries firm sets its sights on £35m revenue following MBO
Toiletry Sales, a private label healthcare products provider to UK supermarkets and pharmacy chains, intends to grow its turnover by more than 25% following a management buyout backed by a £10m finance package.
Chris Patterson, CEO and now majority shareholder at the Wakefield-based business has implemented a new growth strategy.
Lloyds Bank Commercial Banking helped facilitate the buyout by providing the £10m finance package – forming part of its commitment to lend up to £1.4bn to Yorkshire businesses during 2019.
Some of Toiletry Sales’ previous shareholders will stay on at the company as directors to ensure a smooth transition in leadership and the continuity of operations.
The firm, which specialises in the manufacture and supply of feminine hygiene, wound care and incontinence products, is planning to grow its sales from £27m to £35m over the next two years by diversifying and expanding into new healthcare categories, markets and channels.
It has also renewed its focus on increasing exports, and is in talks with retailers and distributors in Europe, South America and Australia. The business, based on Crigglestone Industrial Estate, was established in 1984.
Patterson said: “We want to become a leading provider of self-care and active living health products, and to build on the success we’ve had in our core categories like feminine hygiene.
“Expanding our product range, whilst seeking out new channels and routes to market will help us to achieve just this.
“Having Lloyds Bank by our side while completing the management buyout has been invaluable. Now, the new management team is in an excellent position to achieve its growth targets – with a full team in place and the potential to create more jobs as we grow.”
Lee Bloodworth, relationship director at Lloyds Bank Commercial Banking, said: “Chris has been a driving force for success at the company since he joined in 2017. The business has a real entrepreneurial spirit, a drive to succeed, and an eye for innovation in its sectors.
“Its plan to grow overseas sales comes as new data reveals Yorkshires exports grew by three per cent to £17.9bn in the year to June 2019.
“Supporting ambitious businesses like this to tap into growing opportunities is an important part of our mission to help Britain prosper.”
