Coral Products PLC on Monday said it has agreed to buy the assets of former competitor AAC Cyroma Ltd from its liquidators for £95,000 in cash.
The Manchester, England-based maker of bespoke plastic products said the acquisition was completed through its wholly owned subsidiary Manplas Ltd, part of its Rigid Plastics division.
The acquisition was completed via an insolvent sale from the joint liquidators for selected plant and machinery, goodwill, stock and certain intellectual property.
Coral Products said the acquisition was funded from its existing cash resources.
AAC Cyroma generated revenue of around £2.5 million in the financial year to the end of September 2024. Coral Products said it operated in similar end markets to Manplas, which it was a direct competitor of.
‘The business experienced financial distress following a change in ownership and management in October 2024, which ultimately resulted in its insolvency,’ Coral Products said.
All employees were made redundant prior to completion. Coral Products added that it intends to retain a ‘limited number of key technical personnel’.
It expects to complete the relocation and integration of the acquired plant and machinery into Manplas’ existing manufacturing facility in Wythenshawe within eight weeks of completion.
Coral Products added that it expects to retain a ‘significant proportion’ of AAC Cyroma’s former customer base. It is expected to retain between £1.6 million and £2.0 million of annualised revenue.
The company expects the acquisition to be earnings enhancing in the current financial year following a short integration.
‘AAC Cyroma has been a long-established competitor within our core markets. This transaction provides a timely opportunity to support the continued development of Manplas by adding incremental revenue into an existing operational platform with available capacity,’ said Chief Executive Officer Ian Hillman.
‘The acquisition of the plant and machinery also accelerates planned investment and enhances flexibility across the wider group.’
Shares in Coral Products closed down 1.3% at 8.64 pence on Monday in London.
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