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Article: British Polythene offloads paper bag business to management buy-out
- Article from:
- The Scotsman
- Article date:
- June 21, 2003
- Author:
CopyrightCopyright 2003 The Scotsman. Provided by ProQuest LLC. (Hide copyright information)
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BRITISH Polythene Industries has continued its restructuring plan
by off-loading paper bag business, Welton Bibby & Baron, to its
senior management for GBP 7.8 million.
The management buy-out, led by business director Malcolm Ross,
will see all of WBB's 221 staff, transfer to the new business, which
last year reported sales of GBP 20.7m and made an operating profit of
GBP 900,000.
Yesterday's sale, which should be wrapped up in the next couple of
weeks, subject to employee consultation and legal conditions, is the
latest in a string of disposals for the Greenock-based plastics
group. BPI chief executive John Langlands said: "Obviously, WBB was a
non-core business so it was inevitable that ...