Jablite has been incorporated as a new company that is jointly-owned by Chairman John Colley, Managing Director Richard Lee and Financial Director, John Cooper with a new investment partner, BEWiSynbra, a manufacturer of expandable polystyrene in Europe.
The newly formed company derives from Jablite, manufacturer and supplier of EPS products for insulation and civil engineering applications, and sister company Styropack, producer of EPS packaging. The name of the business will be Jablite Group and will operate as a stand-alone company, in close collaboration with BEWiSynbra Group.
This re-structure follows a difficult lockdown period which led to a pre-pack administration process being activated, as Managing Director Richard Lee, explains: “We had an exceptionally strong start to 2020 but the halt-to-business during the lockdown was a tough challenge for Jablite and the Board of Directors reluctantly took the decision to enter a pre-pack administration process.
“As a result of this process and thanks to the outstanding efforts of my fellow Directors I am really delighted that we have been able to partner with BEWiSynbra to buy the old business and to create a new company that will continue trading as Jablite.”
BEWiSynbra is a manufacturer of expandable polystyrene (EPS) in Europe, it is well-known for its focus on sustainability and for leading change with its closed loop strategy. This new investment in Jablite guarantees a secure, sustainable supply chain to all Jablite customers with the additional benefit of access to the most innovative EPS supplier in Europe.
BEWiSynbra Board Member, Rik Dobbeleare, is a non-executive Director of Jablite, he represents BEWiSynbra on the Jablite Board and will be contributing his outstanding expertise and experience of the EPS market, he comments: “BEWiSynbra is very pleased to have this opportunity to invest in Jablite, although it has arisen out of unfortunate circumstances, the fit between our two businesses is a good one with many positive synergies and similarities of outlook.
“I look forward to working with the excellent Jablite team to build a new market-leading business in the UK.”