Allied Glass has completed a £75 million management buyout, with the backing of Barclays Private Equity that acquires a majority stake in the company.
Barclays has invested a reported £29.5 million for its stake in the container glassmaker, which employs approximately 600 people across its two UK sites in Leeds and Knottingley and reported a £78 million turnover for the last financial year.
Alan Henderson will take the position of Managing Director in what is reportedly the second management buyout at Allied Glass in the past decade. Mr Henderson said that the Barclays investment would help the company build on its customer base and develop its design capabilities.
“It will also facilitate further advancement in flexible production techniques and allow us to build additional production capacity as demand increases,” he said.
Allied Glass’ most recent investment is in its Knottingley plant to produce very clear glass for high-value products. Andrew Spencer, who led the management buyout from Associated British Foods in 2002, becomes Executive Chairman.
