BEWI rescued Jablite two years ago by taking an initial 49% stake to help pull it out of administration in a pre-pack restructuring deal. It has now paid £10m cash for the other 51%
Jablite has been making EPS expanded polystyrene for 50 years. It is used in insulation and packaging. The Jablite name is used for insulation and civil engineering products; packaging products are branded Styropack.
Within weeks of the first national lockdown in 2020, the company had to restructure and cut costs. It rationalised production and closed two facilities.
In its first year of trading the reincarnated Jablite Ltd turned over £25m and made a pre-tax profit of £681,000. For the year to 31st May 2022 it is expected to show turnover of £40m.
“We are very pleased to now be able to include Jablite fully to our team,” said BEWI chief executive Christian Bekken. “The company has shown an impressive development the last two years, and we look forward to further strengthen our market position in the UK together going forward.”
He added: “Jablite’s operations will also complement the UK based operations of Jackon very well, so we see a great potential for synergies by combining the two entities as soon as the Jackon transaction is completed.” Jackon makes insulation boards and polystyrene products.
The current management of Jablite, including managing director Richard Lee and finance director John Cooper will continue in their roles.
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