We are pleased to announce, that Coral Products PLC have sold Coral Products (Mouldings) Limited and Interpack Limited to One51 ES Plastics– the UK subsidiary of the IPL Plastics Group.
Due to the sale there are changes to our board.
As announced on 19 January 2021, Michael Wood, CEO of the Company, has resigned from the Board.
Joseph Grimmond, formerly Non-executive Chairman, has been appointed as Executive Chairman of the Company.
Joe Grimmond commented;
“This sale places the Group in a strong financial position with circa £8 million of net cash and two profitable remaining businesses in Tatra Rotalac and Global One-Pak. Furthermore, the Group continues to own the freehold site at Haydock which will now generate £300,000 p.a. in rent. It is the Board’s intention to conduct a review to determine the most advantageous route to deliver shareholder value and apply the proceeds from the Disposals.”
Coral Products PLC look forward to how our business is going to grow and develop with this sale and future acquisitions.