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News Banks and Financial Services What a beauty for Hanworth
News Banks and Financial Services What a beauty for Hanworth | What a beauty for Hanworth |
| Written by News Desk | |
| Wednesday, 16 April 2008 | |
|
Cambridge company Hanworth Laboratories has acquired Surefil Beauty Products, the St Helens-based cosmetics manufacturer in a £1.5m deal funded by RBS Invoice Finance and advised by TMG Corporate Finance. Hanworth has acquired a 75 per cent stake in Surefil, which specialises in formulation, development and contract manufacturing for the colour cosmetics industry. Surefil becomes a sister company to Hanworth and the management team of Paul and Cath Critchley will remain in situ. Hanworth is a developer, manufacturer and packager of premium cosmetic and toiletry products. Established in 1976, Hanworth supplies a blue chip customer base that includes premium brands, high street retailers and department stores. The company employs 50 people at its base in Linton, Cambridge. Hanworth’s directors, James Shannon and Saul Loggenburg have made the acquisition as part of a long term build and buy strategy to significantly expand the business. The combined companies will have a turnover in excess of £10m and the directors are confident of increasing this figure.
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