East Yorkshire decorating products producer Bartoline made a loss as sales further softened in 2022.
Challenges in the oil and gas market, leading to increasing raw materials prices, and the cost of living crisis were flagged as impacting margin, as it closed the year £254,000 in the red. Efforts to broaden the appeal of the Beverley firm’s home improvement range have continued, with the business having thrived through the pandemic as DIY projects went into full swing.
2020 had seen it turn over £24.8 million, with profits of over half a million pounds, before the founding family sold up.
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Private equity firm Endless swooped for the near-150 year old firm in March 2021, seeing a 10 per cent slip back in that year, ahead of 2022’s 6.6 per cent drop-off. Results just published showed sales down from £22.4 million to £20.9 million. Staff numbers dipped from 100 to 96.
In his strategic report accompanying the results, Paul Robbins, managing director, said: “Despite the macroeconomic challenges the company continues to improve its position with key customers and in new market segments. The directors consider the position of the company at the end of the year to be positive.”
(Image: Bartoline)
The past year has seen new a new range launched focusing on the British manufacturing heritage, while adding further new products.
“The directors have identified and are implementing a growth plan which will focus upon delivering organic growth within existing markets, whilst expanding and creating new opportunities with complementary new products,” Mr Robbins added. Earlier this year the firm was recognised as one of the most sustainable in its sector, securing gold in the EcoVadis supply chain monitoring.
Original artice – https://business-live.co.uk/all-about/yorkshire-humber
