Sam Hill, former managing director of ancillary outfit Summit Systems, has bought Milton Keynes-based injection moulder and mould maker Adreco for an undisclosed sum.
Hill left Summit earlier this year and at the time made it clear he planned to return to the plastics sector, probably by acquiring a small firm.
Adreco was founded in 1977 by Bob Slater and Derek Annals, both of whom are retiring, although Slater’s son Steve will continue in his role as design engineer at the business.
Hill described Adreco, which specialises in medical, packaging and technical moulding, as a “well-run and stable business with a wealth of experience across its team”.
“The average length of service across the team of 18 staff is 14 years. The business has capacity to grow, both in terms of the physical footprint of the operation and among its existing 12 machines.”
Hill said he hoped to double Adreco’s turnover – currently in the low seven-digit figure – in the next couple of years.
Hill said he was not going to “mark time” with his new business. “We’ve freshened up the branding and we’ll focus on its strengths in medical and packaging sectors. We’re not going to be a ‘Fred in a shed’."
“I’m sure I can continue to deliver the excellence that Adreco’s customers have come to expect and build upon what Bob and Derek have created.”
Hill said he believed there were also opportunities to exploit a trend among moulders to source moulds from UK manufacturers.
“A few people have caught a cold [from buying moulds from China and the Far East]. There are time lags, communications issues and problems detected when it’s too late. We’re seeing people return to the UK to take advantage of the expertise, which we can provide.”
Moulding activity was also returning to the UK, Hill said, a move which would represent a big opportunity for Adreco: "Costs in China are going up and you've got stock on the water. I can see a very genuine trend emerging here."
Speaking about what he called a “difficult decision to consider retirement”, Bob Slater said Hill was the right person to take Adreco forward.
“It is clear from Sam’s experience that he has the right knowledge, energy and commitment to make Adreco even more successful and we wish him the very best,” he said.