Wed, 11 Dec 2024 | BUSINESS SALE
A 150-year-old DIY and decorating brand has been bought out of administration by Rotherham-based Paramount Retail Group securing 90 jobs.
Bartoline, based in Beverley, was founded in 1876 and is Europe’s leading manufacturer of decorating sundries for the home improvement industry. This includes White Spirit and paint solvents, fillers, sugar soaps, paint strippers and BBQ lighter fluid.
It has been bought for £23 million by Paramount taking its revenues to over £100 million. Bartoline’s integration into Paramount is expected to preserve its heritage and position it for future growth.
Bartoline appointed administrators Alvarez & Marsal on December 5th. In its most recent set of accounts for the year ending December 2023, it reported a widening in its pre-tax loss to £1.25 million, from £895,000 the previous year. Turnover rose to £23 million from £21 million.
It had net current assets of £1.2 million, down from £2.3 million.
The company blamed the cost of living crisis for hitting customer spend and higher cost prices. It has also likely been impacted by an uncertain housing market and interest rate hikes.
Paul Taylor, chairman of Paramount Retail Group, said: "Bartoline has been a trusted partner in countless home improvement projects over the past century, with a heritage and reputation for quality that make it an excellent addition to our portfolio. We’re proud to secure its legacy and look forward to driving its future growth through innovation and sustainability."
Paramount Retail Group includes Vital Pet Group and Pet Brands, as well as The Great British Confectionery Group, following its acquisitions of Bristows of Devon in 2017 and Crawford & Tilley in 2018.
Ravi Sharma, executive director of Paramount Retail Group, added: "Bartoline has tremendous potential. By combining its 100-year heritage with our resources and expertise, we aim to create innovative, sustainable solutions that resonate with today’s consumers. DIY is becoming more accessible than ever, and we’re excited to champion Bartoline’s role in empowering both seasoned professionals and first-time decorators."
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