Strength in numbers as plastics firms agree to join forces
A trio of plastics companies have come together as one group.
Hull-based Advanced Plastics Ltd has joined forces with Protool Plastic Components Ltd and Protool Precision Plastics Ltd.
Under the new group structure, each of the three companies will maintain its current identity and strong market positioning while sharing capacity and synergies across the new group.
Advisors from regional firms Andrew Jackson Solicitors LLP and the Smailes Goldie Group assisted with the transaction.
Chris Pearson, joint shareholder of the Advanced Plastics Group, said: “This is a very proud day for us. We have worked closely with the teams at both Protool sites in Manchester and Fareham for many years.
“They are very much aligned to our culture, core values and technical capability, so this represents a natural convergence of like-minded teams. We are therefore very excited for what the future holds.”
Rob Anderson, joint shareholder of the Advanced Plastics Group, said: “While the group companies will continue to operate in their current forms with their respective teams providing a seamless high level of service to their valued customers, they will each benefit from the synergies and growth focused development of being part of the Advanced Plastics Group.
“It is therefore very much business as usual with added benefits for all involved, including our employees, supplier partners for our valued customers.”
Jonathan Heasty, finance director at Advanced Plastics Group Limited, added: “We are pleased with the advice and guidance we received from Andrew Funnell at Andrew Jackson Solicitors and Mike Stocks at Smailes Goldie, who ensured we remained focused on what was important, which is exactly what we look for when appointing external advisors.”
Andrew Funnell, a partner and head of corporate at Andrew Jackson Solicitors, said: “It has been a real pleasure to advise on the formation of this new group of companies, whose combined heritage, reputation, technical capability and market share makes it a key player within the UK plastics industry.
“We wish the group every success as it enters an exciting new chapter.”
