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LONDON (Alliance News) - Creightons PLC said Tuesday that it has bought some assets of Broad Oak Toiletries Ltd out of administration for GBP600,002 in cash, via its subsidiary Potter & Moore (Devon) Ltd.
The toiletries and fragrances maker said it expects the assets to increase its sales by around GBP3.2 million in their first full year.
Broad Oak Toiletries reported a pretax loss of GBP770,000 for the year to end-January 2015, on revenue of GBP19.1 million.
Creightons will not take on any employees from Broad Oak Toiletries, and understands that all were made redundant before the acquisition of the assets.
"We are very excited by this acquisition which complements the company's existing production capabilities which we are confident will add to both the company's sales and profits by enabling us to produce and supply new product ranges such as Soap, Candles and Powder products to an enlarged customer base who will benefit from our superior supply chain management," said Chairman William McIlroy in a statement.
Shares in Creightons were up 7.1% at 7.50 pence Tuesday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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