Decorating sundries business Bartoline saw sales fall back 10 per cent in the year it was acquired from the founding family.
Private equity firm Endless swooped for the Beverley manufacturer in March 2021, with the company having recorded a turnover of £24.8 million in 2020.
In the latest calendar-aligned period, revenues of £22.4 million were brought in, with pre-tax profits down from a shade under £1 million to £370,000. It specialises in pre-packed solvents, woodcare products, fillers, wallcovering adhesives and other home improvement products.
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Keith Chapman, director, said the company “has continued to adapt itself to the uncertainty in the oil market as well as the ambiguity of the general economy” in the strategic report accompanying the results.
He added: “The company continues to improve its position in the market place and the directors consider the position of the company at the year end to be positive.”
A surge in spending on homes in lockdown has seen sales recorded ahead of expectations, rising from a pre-pandemic level of £19.1 million.
Bartoline’s new management team is now implementing a three year plan “which will focus upon delivering organic growth within existing markets, whilst expanding and creating new opportunities with complementary products”.
Experienced industry operator Paul Robbins was brought in as managing director following the acquisition of the near 150-year-old business, with a sale and leaseback of the sprawling East Yorkshire operation’s base completing earlier this year, generating £5.2 million.
Mr Robbins was previously managing director for Akzo Nobel in northern Europe.
This summer Bartoline introduced a complete new range focusing on the British manufacturing heritage, while adding further new products.
Staff numbers have remained constant around the 100-mark.
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