May 23 2013 Latest news:
By annabelle dickson
Wednesday, October 17, 2012
Thetford-based cleaning products manufacturer Jeyes announced the arrival of its new chief executive this week as the scale of losses last year were laid bare in its latest company accounts.
Mark Tyldesley joins Jeyes in the midst of a restructuring project which will see additional investment in its manufacturing base in Norfolk amid the closure of other UK sites.
But Mr Tyldesley, who joins the business from Premier Foods, said it was a company with “huge potential”. The latest results for the manufacturer of Jeyes Fluid, Bloo and Parozone, show the business suffered a £24.4m pre-tax loss over the 16 months to December 2011, but made an operating profit of £4.9m on on-going operations.
Last October the directors undertook a review of the business after London-based private equity firm Legal and General Venture sold its shares to US investment house Strategic Value Partner.
Nicholas Goodwin, chief restructuring officer at Jeyes, said there was an expectation the business would return to profit this year following the restructuring process.
The review has seen some of its profitable businesses, including its Insect Control business, sold, but manufacturing sites and offices in the Czech Republic, France and South East Asia closed. The company also announced plans to close its East Kilbride site last week.
Mr Goodwin said the company had made a commitment to invest in Norfolk, but the shape of the business was still to be determined.
The company accounts also revealed the company had incurred significant exceptional costs setting up a new home fragrance manufacturing plant in the US.
The costs of restructuring the business have come from the disposal of its profitable businesses, Mr Goodwin confirmed.
Previous to his role at Premier, Mr Tyldesley was category director for baby, beauty and toiletries at Tesco, and spent 16 years with Procter & Gamble.
He said: “I’m truly excited about taking this stabilised business to a new period of growth, winning the hearts and minds of UK consumers and continuing to grow our strategic international businesses. The categories in which we operate are ones that customers care about. Our brands are strong in their sectors and the business delivers quality products to the own label sector as well.
“There are great new product development ideas in the pipeline, and the organisation is robust, with some strong players in key positions”.
Norfolk turkey giant Bernard Matthews is in talks to sell a stake in the business.