Revenues continue to rise at Allied Glass

MANUFACTURER Allied Glass, which was snapped up last year by private equity firm CBPE in a multi-million pound deal, said new product development continues “at a healthy pace” as revenues continue to rise.

In its latest set of accounts for the year to December 2013, the group, which employs more than 660 people across two factory sites in Leeds and Knottingley, saw revenues increase to £103.2m, up from £102m the year before.

Profit on ordinary activities before taxation was lower, down from £7.4m to £4.3m, due to higher finance charges.

“Underlying turnover has improved and new product development continues at a healthy pace with good continuity and conversion of new opportunities for organic growth in the future,” the group said.

“The rebuild and expansion of one of the furnaces during the year further progresses the group’s high environmental and energy efficient ambitions, as well as supporting future growth plans.”

The company is the UK’s fourth largest glass bottle manufacturer by volume and a leader in specialist bottles serving the high-end global spirits industry.

It specialises in the production of complex bottles and supplies containers to brands including Johnny Walker, MaCallan and Smirnoff vodka.

Investment group Equistone Partners Europe sold the business last year and it is understood that CBPE, which bought the business for the second time, paid between £120m and £130m.
 
CBPE originally acquired Allied in 2002 and exited to Equistone Partners Europe in 2010. Equistone’s Fund III supported the management team when it acquired a majority share in 2010 as part of a £75m management buyout.

In 2013, Allied Glass completed a multi-million pound investment into its site in Knottingley to boost production and keep up with demand

Allied Glass said it is “committed to a policy of continuous investment, adding new technology to expand and develop its design and production capability and flexibility.”