Based in Manchester, Coral Products specializes in the design, UK manufacturing, and omni-channel supply of a diverse array of bespoke plastic products. This commitment positions the company as a key player in the sustainable packaging sector, meeting the growing demand for environmentally responsible solutions in food and drink sustainability.
As an approved supplier to UK supermarkets, Arrow reported impressive sales figures: £12.5 million in the 12-month period ending January 31, 2022, and £17.9 million over the 18-month period concluding July 31, 2023. Currently, sales demand stands at approximately £1 million per month. However, Coral Products cautions that there are no guarantees of replicating this financial performance following the deal.
The acquisition included vital equipment, such as flexographic printing machines, laminators, and slitting and punching facilities. These assets will enhance and complement Coral’s existing film and foil business capabilities, ultimately boosting the company’s position in food and drink marketing.
Film & Foil has entered into a 6-month licence agreement to utilize the BRCGS fully-accredited facility in Castleford, with plans to negotiate a long-term agreement for the premises. As part of this strategic acquisition, Film & Foil will retain over 50 former Arrow employees and aims to operate the business as a going concern, aligning with current consumer trends in the food and drink sector.
Joe Grimmond, non-executive chairman, stated: “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 £50 million of production availability.” This move not only enhances operational capacity but also contributes to the overall sustainability goals vital for the future of food and drink packaging.