Pounds 5m Investment Sees Packaging Company under New Management; NEW TEAM PLANNING TO ATTRACT NEW CUSTOMERS
Byline: SION BARRY
A SWANSEA-BASED food and drinks packaging company is focused on accelerated growth following a pounds 5m investment round.
In a management buy-in entrepreneur Gareth Rowlands has become managing director of Viscose Closures.
The round included a pounds 2.3m equity investment from Finance Wales, its largest this financial year, as well as angel investment from a group led by Philip Roberts.
Mr Rowlands now heads up Viscose's new management team following the retirement of its previous managing and finance directors.
The company has successfully carved out its niche in the pounds 5bn food and drink packaging market. More recently, it has built on its core product range to serve the alcoholic and soft drinks, cosmetics and pharmaceuticals packaging markets. The company currently exports a third of its total production, with Europe and North America its main export markets.
Plans are now afoot to diversify the company's range of packaging solutions even further to attract new domestic and international blue-chip customers.
Mr Rowlands said: "For me, buying into Viscose was an unmissable opportunity as it's a profitable, international business which has been trading for more than 100 years.
"It has stayed ahead of the competition by adapting to the needs of its loyal customer base. The UK's plastic packaging industry is globally respected, particularly in food and drink where there's increasing demand for eco-friendly packaging."
Mr Rowlands joins the company with a wealth of management experience. This includes a successful stint at Europe's largest specialist glass manufacturer, Schott Glass, first as UK managing director and then divisional chief executive.
He said: "The markets Viscose targets are expanding and we see great opportunities for us in the future. …