WEBGROVE HOLDINGS
Group goes into administration with debts of GBP 16m / Four injection moulding companies and toolmaker put up for sale
The four injection moulding businesses with a combined turnover approaching GBP 30m that are owned by Webgrove Holdings (Saltley Business Park, Saltley, GB-Birmingham B8 1: www.webgrove.co.uk) are up for sale. The move follows the group going into administration with total debts of more than GBP 16m. All four factories, which employ some 600 people, will continue to trade as buyers are sought.
The four injection moulding operations owned by Webgrove are: XL Timbalex (Basil Hill Road, Didcot, GB-Oxfordshire OX11 7HJ), Link Plastics (Halesfield 2, Telford, GB-Shropshire TF7 4QH), Showpla Mouldings (Landywood Lane, Cheslyn Hay, Walsall, GB-West Midlands WS6 7AL) and Silkjet (12-18 Lewisher Road, GB-Leicester LE4 9LR). The four have a total of some 100 injection moulding machines with clamp forces ranging from 25-1,600 tonnes. The majority are equipped with robotic handling equipment. They supply components such as instrument clusters, cam and engine covers, and fuel systems to the automotive market and front and rear casings, monitors and photocopier components to the business machine and consumer electronics sector. Webgrove was established in 1995 and has achieved a turnover of GBP 35m. It also owns Arnold Plastic Moulding Tools, a business bought in 1999 which designs and manufactures moulding tools for both thermoplastic and thermoset materials.
Webgrove´s main losses are understood to have been at XL Timbalex and Link Plastics, the group´s first acquisition in 1995. XL Timbalex was bought out of administration by Webgrove in February 2001. It supplies cosmetic mouldings in a range of finishes to car companies such as Jaguar, Ford, GM and Volvo. It is QS9000 and ISO14001 accredited and has a turnover of GBP 12m. Link Plastics turns over GBP 7m supplying technical parts from a highly automated plant operating a zero defects policy. It is ISO9002 accredited.
Both Showpla and Silkjet are reported to be operating profitably. Showplas Mouldings was acquired in 1998. It is one of the UK´s leading suppliers of solid and gas-assisted components for business machines and consumer electronics. It has a turnover of GBP 7m. Silkjet has sales of GBP 3m. It manufactures components for point-of-sale and a range of other markets from both small and large production runs. Road hazard warning lamps are produced by Tildawn Products, a specialist division of Silkjet.
Administrator KPMG said there had been initial interest from more than 90 potential purchasers. Serious discussions are expected to start by the second week of February.
The four injection moulding operations owned by Webgrove are: XL Timbalex (Basil Hill Road, Didcot, GB-Oxfordshire OX11 7HJ), Link Plastics (Halesfield 2, Telford, GB-Shropshire TF7 4QH), Showpla Mouldings (Landywood Lane, Cheslyn Hay, Walsall, GB-West Midlands WS6 7AL) and Silkjet (12-18 Lewisher Road, GB-Leicester LE4 9LR). The four have a total of some 100 injection moulding machines with clamp forces ranging from 25-1,600 tonnes. The majority are equipped with robotic handling equipment. They supply components such as instrument clusters, cam and engine covers, and fuel systems to the automotive market and front and rear casings, monitors and photocopier components to the business machine and consumer electronics sector. Webgrove was established in 1995 and has achieved a turnover of GBP 35m. It also owns Arnold Plastic Moulding Tools, a business bought in 1999 which designs and manufactures moulding tools for both thermoplastic and thermoset materials.
Webgrove´s main losses are understood to have been at XL Timbalex and Link Plastics, the group´s first acquisition in 1995. XL Timbalex was bought out of administration by Webgrove in February 2001. It supplies cosmetic mouldings in a range of finishes to car companies such as Jaguar, Ford, GM and Volvo. It is QS9000 and ISO14001 accredited and has a turnover of GBP 12m. Link Plastics turns over GBP 7m supplying technical parts from a highly automated plant operating a zero defects policy. It is ISO9002 accredited.
Both Showpla and Silkjet are reported to be operating profitably. Showplas Mouldings was acquired in 1998. It is one of the UK´s leading suppliers of solid and gas-assisted components for business machines and consumer electronics. It has a turnover of GBP 7m. Silkjet has sales of GBP 3m. It manufactures components for point-of-sale and a range of other markets from both small and large production runs. Road hazard warning lamps are produced by Tildawn Products, a specialist division of Silkjet.
Administrator KPMG said there had been initial interest from more than 90 potential purchasers. Serious discussions are expected to start by the second week of February.
06.02.2003 Plasteurope.com [15072]
Published on 06.02.2003