Business
Acquisition of Edward McNeil
Acquisition of Edward McNeil.
About this update from Macfarlane Group Plc
[{"type":"text","content":"\n \nRNS Number : 9134W Macfarlane Group PLC 03 May 2016 \n\n3 May 2016\n \nMACFARLANE GROUP ACQUIRES EDWARD MCNEIL\n \nIn line with its strategy to develop its Packaging Distribution business in the UK protective packaging market, Macfarlane Group PLC (\"Macfarlane\") has today confirmed the acquisition of the packaging business of Edward McNeil Limited.\n \nEdward McNeil is based in Glasgow and has traded for well over 50 years. It currently 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 c£3.60m.\n \nMacfarlane will pay up to £1.80m for the business from existing borrowing facilities, with the deferred consideration of £0.15m payable in the next twelve months, based on certain working capital targets.\n \nSamuel Kingsley, Managing Director of Edward McNeil Limited, said \"I am delighted that our packaging business has been acquired by Macfarlane. The acquisition will create opportunities to develop the business in the coming years.\"\n \nPeter Atkinson, Chief Executive of Macfarlane commented:- \"Edward NcNeil is a successful business with a high quality customer base who benefit from excellent customer service levels. The business has a good team, who will complement the Macfarlane Packaging Distribution business based in Linwood and strengthen Macfarlane's presence in Scotland.\"\n \n \n\n\n\n\nFurther enquiries:\n\n\nMacfarlane Group\n\n\nTel: 0141 333 9666\n\n\n\n\n \n\n\nGraeme Bissett Chairman\n\n\n \n\n\n\n\n \n\n\nPeter Atkinson Chief Executive\n\n\n \n\n\n\n\n \n\n\nJohn Love Finance Director\n\n\n \n\n\n\n\n \n\n\n \n\n\n \n\n\n\n\n \n\n\nSpreng Thomson\n\n\nTel: 0141 548 5191\n\n\n\n\n \n\n\nCallum Spreng\n\n\nMob: 07803 970103\n\n\n\n\n \nNotes to Editors:\n· Macfarlane Group PLC is ...