A St Annes supplier of tiling and flooring equipment has bought an internationally famous brand out of liquidation.
QEP, which trades as Vitrex has snapped up Plasplugs the fixings and fittings specialist from Burton-upon -Trent which made the first plastic wall plug to sell effectively in the marketplace.
QEP, which employs around 30 people at its Everest Road base, aims to become the world’s leading supplier of tiling and flooring installation equipment.
Paul Boyce , CEO – European Operations for QEP. said: “From a growth perspective, the purchase is in line with our strategy of complementing our organic growth by completing selected strategic acquisitions, of which Plasplugs is the sixth since the beginning of 2012.
“The Plasplugs brand is very close to a lot of hearts within the organisation already, and this new integration will only leverage QEP’s business growth further.”
Simon Howorth marketing manager at the St Annes base said: “We bought Plasplugs last week. It is an exciting move.
“It was a renowned name worldwide in the fixings supply sector but has struggled over the past few years.
“We are always on the look out for suitable businesses which fit our strategy and are looking to get into new product areas.
“Plasplugs manufactures fixings too and we have big plans not just in the UK but world wide as well.”
Vitrex was bought by US-based QEP in 2004 which designs, manufactures and distributes professional quality products for DIY.
Plasplugs is the second major acquisition by QEP in the UK this year, after acquiring Homelux back in March.