Coral Products purchases Arrow Film Converters for over GBP500,000

(Alliance News) - Coral Products PLC on Tuesday said it has agreed to purchase Arrow Film Converters Ltd.

The Manchester, England-based maker of bespoke plastic products said it will buy Arrow from its administrators for a total consideration of GBP502,899 in cash through its wholly owned subsidiary Film & Soil Solutions Ltd.

Coral said the acquisition was funded without increasing its existing group facilities. An initial cash payment of GBP202,899 has been made, with the remaining GBP300,000 due within 14 days of completion.

Yorkshire, England-based Arrow is an approved supplier to UK supermarkets and has current sales demand of circa GBP1 million per month according to Coral.

Coral Non-Executive Chair Joe Grimmond said: "This acquisition propels Film & Foil into the front line of specialist flexible packaging and provides Coral Products plc with capacity toward its medium-term goal of GBP50 million of production availability."

A six-month licence has been agreed by Film & Foil to occupy the Castleford facility, with plans to negotiate a long-term agreement for the premises.

Film & Foil will assume approximately 55 employees previously employed by Arrow and intend to run the business.

Coral Products's shares closed flat at 7.40 pence in London on Tuesday .

By Olivia Mason-Myhill, Alliance News reporter

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