£1.8m packaging deal
Macfarlane wraps up Glasgow acquisition
It says the deal is in line with its strategy to develop its packaging distribution business in the UK protective packaging market.
Edward McNeil is based in Glasgow and has traded for more than 50 years. It has 12 employees and is an established regional distributor of protective packaging materials. In the year to 31 December 2015 the business generated sales of about £3.6m.
Macfarlane will pay up to £1.8m for the business from existing borrowing facilities, with the deferred consideration of £150,000 payable in the 12 months, based on certain working capital targets.
Samuel Kingsley, managing director of Edward McNeil, said: “The acquisition will create opportunities to develop the business in the coming years.”
Peter Atkinson (pictured), chief executive of Macfarlane, said: “The business has a good team, who will complement the Macfarlane Packaging Distribution business based in Linwood and strengthen Macfarlane’s presence in Scotland.”