Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Portmeirion Group PLC on Monday said it has bought home fragrance manufacturer AromaWorks London from AromaWorks Ltd for £440,000.
The Stoke-on-Trent, England-based pottery company said it has bought AromaWorks London brand, intellectual property and certain stock, trade and assets with no ongoing liabilities.
AromaWorks is a fragrance manufacturer, with a retailer customer base in the UK and US.
For 2021, AromaWorks reported sales of £4.1 million and a headline pretax profit of £300,000.
Portmeirion said the acquisition will add further scale to its existing home fragrance business, Wax Lyrical. It also expects it to deliver on cost synergies and cross-selling opportunities within the first 12 months of ownership.
Chief Executive Officer Mike Raybould said: ‘We have invested significantly in the last two years in our UK manufacturing and testing facilities and this gives us a great opportunity to further leverage both our production capabilities and our global sales infrastructure as part of our strategy to grow our sales alongside improving the group operating margins over the next three years.
‘AromaWorks has successfully opened its first US market customer account listings in the past six months and we look forward to supporting and enabling growth in that key market through our existing US sales and distribution operation,’ Raybould added.
Shares in Portmeirion were down 1.7% to 395.50 pence each in London on Monday midday.
Copyright 2022 Alliance News Limited. All Rights Reserved.